Posted: April 3rd, 2017

A classmate is considering dropping his or her accounting class because he or she cannot understand the rules of debits and credits.

A classmate is considering dropping his or her accounting class because he or she cannot understand the rules of debits and credits.
Explain the rules of debits and credits in a way that will help him or her understand them. Cite examples for each of the major sections of the balance sheet (assets, liabilities and stockholders’ equity) and the income statement (revenues and expenses).