Exploring ‘debit credit’: How to record ALICE accounts with 5 FREE worksheets

Study Zone Institute October 2, 2023 Free Resources

Let’s look at the term ‘debit credit’ that is commonly used in accounting to describe the double entry system. For every debit entry that you record, there must be a credit entry.

When you pay rent with cash, you debit the Rent account and credit the Cash account. This is because rent increases as you have a place to stay and cash decreases as money leaves your hand.

In a case like cash sales, you debit the Cash account and credit the Sales account. Both accounts increase. This is because the term ‘debit credit’ is not the same as increase and decrease.

Students will understand that the term ‘debit credit’ has to do with the rule of ALICE accounts using these worksheets:

Assets – debit increase, credit decrease
Liabilities – credit increase, debit decrease
Income – credit increase, debit decrease
Capital – credit increase, debit decrease
Expenses – debit increase, credit decrease

These 5 FREE worksheets will help you to learn about the term debit credit quickly so that you can spend your study time learning the difficult topics. These worksheets will prepare you to do homework better, pass exams or do basic accounting for a small business.

How to learn about the term ‘debit credit’ with these FREE worksheets

When you download these free worksheets to learn about ‘debit credit’, you can print the documents on paper size 8.5×11 inches, portrait orientation.

Use the worksheets during study time to learn about ‘debit credit’ in detail. By practising with these ALICE worksheets, you get the foundation needed to do the Accounting Cycle properly.