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.
A debit is not the normal balance for which of the following? a. Asset account b. Drawing account c. Expense account d. Capital account 141. Which of the following rules is incorrect? a. Credits decrease the drawing account. b. Debits increase the capital account. c. Credits increase revenue accounts. d. Debits decrease liability accounts. 142.