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.
Debits and credits balance each other out âif a debit is added to one account, then a credit must be added to the an opposite account. 1  In accounting, the debit column is on the left of an accounting entry, while credits are on the right.  Debits increase asset or expense accounts and decrease liability or equity.