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State the rules of debit and credit based on the nature of accounts.

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GinnyAnswer

Final answer:

Debits and Credits are essential in accounting, determining how transactions are recorded based on specific rules.


Explanation:

Debits and Credits are fundamental concepts in accounting that determine how transactions are recorded. A debit increases asset or expense accounts and decreases liability or net asset accounts, always recorded on the left side. On the other hand, a credit increases liability or net asset accounts and decreases asset or expense accounts, always recorded on the right side. To ensure accuracy, debits and credits must always balance in accounting entries.


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