BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -On the other hand, a credit (CR) is an entry made on the right side of an account. It either increases equity, liability, or revenue accounts or decreases an asset or expense account (aka the opposite of a debit).

Detailed explanation-2: -For different accounts, debits and credits can mean either an increase or a decrease, but in a T Account, the debit is always on the left side and credit on the right side, by convention.

Detailed explanation-3: -Debits (abbreviated Dr.) always go on the left side of the T, and credits (abbreviated Cr.) always go on the right. Accountants record increases in asset, expense, and owner’s drawing accounts on the debit side, and they record increases in liability, revenue, and owner’s capital accounts on the credit side.

Detailed explanation-4: -A debit records financial information on the left side of each account. A credit records financial information on the right side of an account.

Detailed explanation-5: -The left side of an account is known as Debit side and the right side as Credit side.