Within IU’s KFS, debits and credits can sometimes be referred to as “to” and “from” accounts. These accounts, like debits and credits, increase and decrease revenue, expense, asset, liability, and net asset accounts. If the rented space was used to manufacture goods, the rent would be part of the cost http://travels.co.ua/engl/greece/athens/Monastiraki/index.html of the products produced. As noted earlier, expenses are almost always debited, so we debit Wages Expense, increasing its account balance. Since your company did not yet pay its […]