Dr Nick

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    Kaplan University
    Apr-2009 - Mar-2014

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    University of Santo Tomas
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Category > Accounting Posted 15 Sep 2017 My Price 14.00

Recording Business Transactions

In the file ACC 205 Week 1 Discussion Question 2 Debit and Credit you will find answers on the following tasks:

Recording Business Transactions. Define the terms “debit” and “credit”. Explain how debits and

credits affect the following: assets, liabilities, owner’s capital account, revenues and expenses.

- Debit

- An entry in the financial books of a firm that increases an asset or an expense or an

entry that decreases a liability, owner's equity (capital) or income.

- Also, an entry entered on the left side (column) of a journal or general ledger account.

- Let's combine the two above definitions into one complete definition.

An entry (amount) entered on the left side (column) of a journal or general ledger account

Answers

Dr Nick
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Status NEW Posted 15 Sep 2017 10:09 AM My Price 14.00

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