Posts Tagged ‘Credit’
Debits (DR)
Learning about Debits (abbreviated DR) and Credits (abbreviated CR) can be confusing. However, if you keep in mind that Debits increase Asset and Expense accounts and decrease Liabilities, Equity Accounts, and Revenue Accounts, you’ll be half way there to understanding Debits and Credits.
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Examples of Expenses
Expenses are what a company has incurred or used up and are shown on a Profit and Loss Report. Expenses can include Rent, Payroll, Utilities, and Supplies.
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Examples of Revenue
Revenue is what a company has earned and is shown on a Profit and Loss Report. Revenue can include Sales, Interest Income, and Rent Income.
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What is an Expense?
Expenses are what a company has incurred or used up. Expenses are shown on a Profit and Loss Report also known as an Income Statement.
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What is Revenue?
Revenue is what a company has earned. Sometimes this is referred to as Sales or Income. Revenue is shown on a Profit and Loss Report also known as an Income Statement.
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