Question

In Chapters 1 and 2 you have been learning about the accounting equation, debits/credits, and account normal balances. The accounting equation is the foundation of accounting. Understanding debits/credits and the account normal balances are just as important. Sometimes, these concepts are difficult to understand and/or remember. Please research the Internet to find fun and easy ways to remember this information. It could be a song, a mnemonic, phrase, video, etc. I need the answer and cititation for the answer

Answer 1

The best phrase to remember in the accounting equation is to debit all assets, expenses, and losses, and to credit all liabilities, equity, gains, and incomes.

What is the accounting equation?

The accounting equation shows that assets are equal to liabilities and equity, given each business transaction.

The implication of the above definition is that when a transaction occurs, which may give rise to expenses, losses, gains, and incomes, the assets and liabilities and equity equation remains in balance.

For instance, when a company incurs an expense for cash, the assets (cash) side is reduced by the amount.  Similarly, the equity side is also reduced by the same amount.

Thus, the best phrase to remember in the accounting equation is to debit all assets, expenses, and losses, and to credit all liabilities, equity, gains, and incomes.

Learn more about the accounting equation at brainly.com/question/24401217

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