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.
But, using debits and credits in your accounting books could help you keep accurate records. How debits and credits work. Debits and credits are equal but opposite entries in your books. If a debit increases an account, that account is decreased by a credit. So, if a credit increases an account, that account is decreased by a debit. A debit is an entry made on the left side of an account.