What are the two primary rules of debits and credits?

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Cordia Graham asked a question: What are the two primary rules of debits and credits?
Asked By: Cordia Graham
Date created: Sat, Apr 17, 2021 1:24 AM
Date updated: Thu, Jun 23, 2022 10:11 PM

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The rule of debit and credit depends on the type of account you are talking about: Personal account: Debit the receiver and credit the giver. Real account: Debit what comes in and credit what goes out. Nominal account: Debit all expenses & losses and credit all incomes & gains.

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