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.
You should be aware that All Accounts: 1  Can Be Debited and Credited. 2  Have an Increase Side and a Decrease Side. 3  Have a Debit Side and a Credit Side.  Have a Normal Balance Amount that is normally a Debit Balance or a Credit 1  Balance. Have a Type and are classified as an Asset, Liability, Equity, Revenue, Expense, or Draw.