Explain what debit and credit mean.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 41% (12 reviews)
Debit is the left side of a Taccount and credit is the ...View the full answer
Answered By
Omar ELmoursi
I'm Omar, I have Bachelor degree in Business and Finance, My unique approach is to help students with questions and assignments, I can teach Business, Math, Accounting, Managerial Accounting, Economy, Human resources management, organizational behavior, project management, I have experience dealing with different types of students and teach them how to deal with different types of exercises.
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The terms debit and credit mean increase and decrease, respectively. Do you agree? Explain.
-
Explain why the term debit doesnt always mean increase and why the term credit doesnt always mean decrease.
-
Explain why the rules of debit and credit are the same for liability accounts and owners equity accounts.
-
Suppose, in the New Monetarist model, that there is deficient financial liquidity. If the fiscal authority were to engineer a tax cut, financed by an increase in the quantity of government debt, with...
-
Toffler Auto Parts uses a perpetual inventory system for the purchase and sale of inventory and had the following information available on November 30, 2017: Required 1. Calculate the cost of goods...
-
Lucy Smith became interested in enrolling as a member in Trident Ltds online discount service for goods and services in exchange for a monthly membership fee. She decided to join up and linked to the...
-
Unless needed for screening purposes, why shouldn't demographic questions be asked up front in questionnaires?
-
Titan Foods makes a high-energy frozen meal. The selling price per package is $ 7.20, and variable cost of production is $ 4.32. Total fixed cost per year is $ 316,600. The company is currently...
-
Before recording adjusting entries on December 31, the Store Supplies account had a $1,900 debit balance, while a physical count of the supplies showed $300 of unused supplies on hand. Prepare the...
-
A chairs variable cost is $52 and its market value as a piece of unfinished furniture is $65 at a transfer point from the assembly division to the finishing division. The finishing divisions variable...
-
Define a business transaction in the broad sense, and give an example of two different kinds of transactions.
-
Briefly explain what is meant by transaction analysis. What are the two steps in transaction analysis?
-
The American Association for Freedom, a political think tank, was recently established. During its rst year of operations it engaged in the following transactions and was affected by the following...
-
The power required for dielectric heating of a slab of resin 150 cm2 in area and 2 cm thick is 200 W, at a frequency of 30 MHz. The material has a relative permittivity of 5 and power factor of 0.05....
-
How do neuroeconomic principles shed light on the neural mechanisms underlying decision-making under risk and uncertainty?
-
Kingbird Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Kingbird's Accounts Receivable account was $581,000 and Allowance for...
-
How do cultural differences influence decision-making processes and preferences across diverse populations?
-
Describe the following terms and give a practical example of how a teacher can apply it: Differentiation- Co-teaching collaboration- Intrinsic motivation- Student centered learning- IEP team.
-
Describe and evaluate links between resource-based theory and HRM.
-
What enzymes are involved in production of both miRNA and siRNA?
-
Midcounty Manufacturing purchased a three-year insurance policy for $30,000 on January 2, 2016. Prepare any journal entries, adjusting journal entries, and closing journal entries required on January...
-
The adjusted trial balance for PI Detectives reported the following account balances: Accounts Receivable, $500; Supplies, $9,000; Prepaid Insurance, $7,200; Equipment, $28,000; Accumulated...
-
Refer to E4-16. Data From E4-16. Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations, ending December 31, 2017. To simplify this exercise,...
-
On August 1, 2015, Lifters, a gym, sells 5 annual memberships for $1,500 each. What would the entry look like to record the receipt of cash as deferred revenue?
-
Lyme Incorporated issues 3,000 shares of no-par-value common stock for $20 per share. What is the correct journal entry for this transaction?
-
Unsubstantiated Expenses Your client, Randy Ross, owns a business that sells hinges, brackets, and fuses used in the manufacturing of machinery. Randy spends a large amount of time traveling to...
Study smarter with the SolutionInn App