What does a debits and credits cheat sheet mean?

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What does a debits and credits cheat sheet mean?

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accountinglads
1 post
May 27, 2025
3:32 AM

The debits and credits cheat sheet gives accountants and students an overview of how accounts work. The account balance is increased when receipts are recorded with debits and when payments are recorded with credits. Assets and expenses rise by debiting accounts, but liabilities, revenue and equity increase with credit accounts. Preparing journal entries becomes much easier and the work is still accurate. The chart is most helpful for newcomers to double-entry accounting.

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