How does Debit and Credit work? I was told Debit is when you are payinf or spedning money and Credit is when you you are recieveing money or gaining something in return. But, I was told that in my lesson that someone bought a phone it was a credit by $350 in a cash account, but in the equipment account they recieved $350 dollars-worth of equipment/ the phone. Can you explain to me what that means please? Thank you!
How does Debit and Credit work? I was told Debit is when you are payinf or spedning money and Credit is when you you are recieveing money or gaining something in return. But, I was told that in my lesson that someone bought a phone it was a credit by $350 in a cash account, but in the equipment account they recieved $350 dollars-worth of equipment/ the phone. Can you explain to me what that means please? Thank you!
Accounting Information Systems
11th Edition
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Chapter3: Electronic Business (e-business)
systems
Section: Chapter Questions
Problem 6P: Explain how EDM has been (or could he) used in your AIS class to eliminate all paper flow between...
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How does Debit and Credit work?
I was told Debit is when you are payinf or spedning money and Credit is when you you are recieveing money or gaining something in return. But, I was told that in my lesson that someone bought a phone it was a credit by $350 in a cash account, but in the equipment account they recieved $350 dollars-worth of equipment/ the phone. Can you explain to me what that means please? Thank you!
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CR f^,Ea (transaction)
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CREDITS
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