Assets are referred to as the left side of the T-account. Assets are, therefore, recorded with a debit balance
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APPENDIX 23: A DEBIT/CREDIT ACCOUNTING SYSTEM raditionally, debit is abbreviated as “DR,” whereas credit is abbreviated “CR.” The T-account is also related to the balance sheet and accounting equation as follows:
Balance Sheet Assets Liabilities Owners’ Equity
<span>Assets are referred to as the left side of the balance sheet (and accounting equation) and hence are on the left side of the T-account. Assets are, therefore, recorded with a debit balance. In other words, to record an increase in an asset, an entry is made to the left-hand side of a T-account. A decrease to an asset is recorded on the right side of a T-account. Liabiliti
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