Another Question Go to Table of Contents 2c. The Capital account is the permanent Owner's Equity account and we do not like to clutter it with all these accounts. It will, however, get the effect of the summarized revenue and expense accounts in the form of Net Income or Net Loss. Another Question Go to Table of Contents 2d. Another Question Go to Table of Contents 3a.
Revenues go in the credits and expenses go in the debits.
Another Question Go to Table of Contents 3b. Either a debit or credit balance is possible and expected. Another Question Go to Table of Contents 3c. Revenues are more than expenses. Another Question Go to Table of Contents 3d.