Do debts imapct assets and does it increase or decrease that account?

Question

Transactions typically use the double-accounting method of recording, specifically debits and credits.  Explain how debits and credits are posted and the types of accounts that are impacted by each of these transactions.  In other words, do debits impact assets and if so, does the debit increase or decrease that account? 

Answer 1

Every account type (assets, liabilities, revenues, expenses) is affected by debits (left side) and credits (right side).

 

Assets and expenses are increased by debits, so are decreased by credits.

 

Liabilities and revenues are increased by credits, so are decreased by debits.