Ask Question
BusinessBusiness
21 August, 12:14

In double-entry accounting, what is the difference between debits and credits

+5
Answers (1)
  1. 21 August, 14:34
    0
    Debits and credits occur simultaneously in every financial transaction in double-entry bookkeeping. In the accounting equation-Assets = Liabilities + Equity-if an asset account increases (a debit), then either another asset account must decrease (a credit), or a liability or equity account must increase (a credit).
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “In double-entry accounting, what is the difference between debits and credits ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Brian Wilson has a baseball card collection passed down to him from his grandfather. He is particularly proud of the signed Hank Aaron baseball card that he has. What type of investment does he hold? A. Direct investment in real estate B.
Answers (1)
Which feature in Access 2016 will ensure that every foreign key in a table has a link to a primary key in another table? References Referential Integrity AutoCorrect Data Source Binding
Answers (1)
Cruises, Inc., operates two divisions: (1) a management division that owns and manages cruise ships in the Florida Keys and (2) a repair division that operates a dry dock in Marble Sand Florida.
Answers (1)
When plumbers from a local union stopped working during negotiations, management hired replacement plumbers so the effects on their business would be lessened. these replacement plumbers are called?
Answers (1)
Which of the following circumstances is (are) not an acceptance of the goods by the buyer (a) after a reasonable opportunity to inspect the goods signifies to the seller that the goods are conformingor that he will take or retain them in spite of
Answers (1)
New Questions in Business
Decision on Transfer Pricing Materials used by the Instrument Division of Ziegler Inc. are currently purchased from outside suppliers at a cost of $1,350 per unit. However, the same materials are available from the Components Division.
Answers (1)
What is the present value of $100 to be deposited today into an account paying 8.0%, compounded semi-annually for two years?
Answers (1)
Which of the following errors, each considered individually, would cause the trial balance to be out of balance? A payment of $148 to a creditor was posted as a debit to Accounts Payable and a debit of $148 to Cash.
Answers (1)
On January 1, Year 1, Phillips Company made a basket purchase including land, a building and equipment for $895,000. The appraised values of the assets are $64,000 for the land, $920,000 for the building and $176,000 for equipment.
Answers (1)
Terri davis is planning to buy a new car. While on the internet she learned that the car has a base price of $16,007, options that total $2,334, and a $500 destination charge.
Answers (1)
Home » Business » In double-entry accounting, what is the difference between debits and credits
Sign Up Forgot Password?