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.
Received cash on account 300 which part of assets increase? The answer is in your question actually. If you received cash on account the asset of CASH will increase, while the asset of Account Receivable will decrease. Since you receivâ¦ed cash it is assumed that they paid you cash on a balance that they owed you, so the journal entry would be a debit to cash (increase) and a credit to accounts receivable (decrease)