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 increases a liability account, and a credit decreases a liability accounting. A credit increases a revenue account, and a debit decreases a revenue accounting. A credit increases an expense account, and a debit decreases an expense account. Understand the basic types of accounting transactions. In the simplest of circumstances, accounting transactions will affect these accounts in one of the following ways. An asset account is debited, and a revenue account is credited. An expense account is debited, and an asset account is credited.