xacc290 week1 dq 5
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One of the Basic Principles of Accounting is that in a “Double Entry” system, Debits = Credits. In the balance sheet Assets are increased by debits and Liabilities are increased by credits. In the Income Statement (or P/L statement) Income is increased by a credit and Expenses are increased by debits. What is going to be your trick to remember this throughout the course? Creativity is encouraged..