What are Debit and Credit
This side of an account increases Assets.
What is Debit
What is the fundamental accounting equation?
What is Assets = Liabilities + Owners Equity
What is a ledger?
What is a group or file of accounts
This side of an account increases liabilities and equity.
What is credit
You receive $1,000 cash from a customer for a service you provided. What are the two accounts and their entries?
What is a debit to Cash and a credit to Owners Equity?
What is the purpose of an expanded ledger?
What is the essential information assessing a businesses ongoing profitability.
In accounting, these two entries must always be equal in every transaction to keep the books balanced.
What are Debit and Credit
Your business makes a sale of $2,000 on account. What are the correct entries?
What is a debit to Accounts Receivable and a credit to Owners Equity?
How do you know a business is making a profit?