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.
Expense accounts normally have balances. These accounts increase on the side and decrease on the side.5. The owner's capital account normally has a balance. This account increases on the side and decreases on theside. In each of the following sentences, fill in the blanks with the word debit or credit:1.