1/4/2023 0 Comments Debit credit classes![]() Every time the company records an expense, it is recorded as a debit even though expense accounts appear on the right side of the equation, and revenues are recorded as credits because they increase equity. These withdrawals are recorded as debits, because they decrease equity. Credit cards: Students under the age of 21 can get a credit card if he or she has a co-signer or has proof of the ability to make payments. For instance, the account “owner withdrawals” shows up on the right side of the equation because it is an equity account, but it represents reductions in equity as the owner takes money out of the company. There are no exceptions to this rule, even though some accounts may seem to have strange rules at first.
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