Once you make the decision what kind of shooting range you want, consider whether you are the kind of person who can operate under strict federal, state and local regulations, including safety, insurance, record keeping and reporting requirements.
(A debit entry in an expense account ultimately causes the credit balance in an owner's equity capital account to decrease.) If the company incurs the $500 repair expense but does not pay cash, the company will need to increase its liabilities. The increase to a liability account is achieved with a $500 credit.
Since expenses cause a decrease to the owner's equity credit balance, a debit entry is required. However, at the time that the expense is recorded, the amount is entered as a debit in an expense account. To illustrate, let's assume that a company pays cash of $500 at the time it incurs a necessary repair expense.