State the rules of debit and credit of liabilities?


Question: State the rules of debit and credit of liabilities?

Debits increase an asset or expense account and decrease equity, liability, or revenue accounts. A credit is an entry made on the right side of an accounts. Credits increase equity, liability, and revenue accounts and decrease asset and expense accounts. You must record credits and debits for each transactions. Debit all expenses and credit all incomes and gains.

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