Debits are entered on the left hand side of the ledger and therefore Credits are on the right hand side.
credit mortgage payable in the liability side of the balance sheet
The debits in the accounting equation increase the amount that appears on the left side. The credits in the accounting equation do the opposite and increase any amount that appears on the right side.
One side is for Debits (left side) and the other is for Credits (right side).
credit
Accounts payable is liability and fall under liability side of balance sheet.
credit mortgage payable in the liability side of the balance sheet
The Venetian style of reporting, puts the debits on the left side of the accounting sheet, across credits. It uses several cross-indexed books. This style became the model for the ledger sheets of today. In the Florentine style, at least one item is debited, and one credited. In this system the total number of debits is equal to the total number of credits.
The debits in the accounting equation increase the amount that appears on the left side. The credits in the accounting equation do the opposite and increase any amount that appears on the right side.
One side is for Debits (left side) and the other is for Credits (right side).
credit
Its a contra settlement. for sales ledger control a/c ...we put contra settlement in the Cr side and in purchases ledger control a/c ..we put contra settlement in the Dr side
Accounts payable is liability and fall under liability side of balance sheet.
Debits go on the left hand side of a T account
To input "discounts received" in the sales ledger, it must be put on the credit side. Also on the credit side would be an item?æsuch as payments made from customers.
when the goods are sold , then the cost of goods sold is recorded at the credit side of the purchase ledger
there are two sides, debits and credits. in order for both sides to balance assets=liabilities+owners equity.
If you do a Trial Balance and your Credits Equal your Debits, then more than likely your books are correct. In double entry accounting the debits and credits must balance or be equal.Accounts payable's normal entry is credit. when it is at the debit side it could mean: reversal of accounts payable which happens at the end of accounting period, or return of merchandise purchased,...