Answer true or false to the following statements. 3. Footings are always a credit balance. 4. “Credit” always means the number should be put on the right side. 5. A ledger does not use debits or credits

Answer true or false to the following statements. 3. Footings are always a credit balance. 4. “Credit” always means the number should be put on the right side. 5. A ledger does not use debits or credits

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 16DQ: The words debit and credit are used in two ways in accounting: to debit an account and a debit...

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Question

Answer true or false to the following statements.
3. Footings are always a credit balance.
4. “Credit” always means the number should be put on the right side.

5. A ledger does not use debits or credits

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