What two accounts go under the opposite direction (normal side) as Owner's Equity, but still within...
What two accounts go under the opposite direction (normal side) as Owner's Equity, but still within the umbrella of owner's equity which is generally debited to decrease, and credited to increase.
Assets & Liabilities
Revenue & Capital
Expenses & Drawings
Liabilities & Assets
Homework Answers
Ans. Option 2nd
Owner’s equity is expanded under an umbrella. The umbrella expands to include revenues, expenses, capital and drawings.
Revenue and capital have normal credit balance, so the decrease in revenue and capital account is debited and increase in revenue and capital account is credited.
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