How do you know if something is a debit or credit in accounting?
Question:
How do you know if something is a debit or credit in accounting?
Debit and Credit:
The debit and the credit are the terms that are used in accounting to show the dual effect a financial transaction that takes place in the business. It is based on the double accounting system.
Answer and Explanation: 1
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View this answerIn accounting, when we see the journal entry to know what is debited and credited.
For example:
Cash a/c..............Debit
To, Sales...
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Understanding Debits and Credits in Accounting
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Chapter 3 / Lesson 6Explore debit and credit in accounting. Discover double-entry accounting, learn about the rules and importance of debits and credits, and review examples.
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