Asset T-account transactions: Increase assets with a debit and decrease with a credit

Basic entries:

  • Receive outside investment: Debit cash, credit equity
  • Receive a loan: Debit cash, credit liability
  • Receive refund of expense: Debit cash, credit expense
  • Pay bills: Debit accounts payable, credit cash
  • Repay loan: Debit liability, credit cash


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