What is the rule for moving asset and liability accounts?

When moving asset and liability accounts, the general rule is to debit the account being decreased and credit the account being increased. This ensures that the accounting equation (Assets = Liabilities + Equity) remains in balance. Additionally, any related income or expense accounts should also be adjusted accordingly to reflect the transfer of assets or liabilities.

Assets:

- Debit to increase
- Credit to decrease

Liabilities:

- Credit to increase
- Debit to decrease