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No, always list Debits first. If you receive cash for example from a customer for an account receivable the entry should look like this:
Cash (debit) XXXX
Account Receivable (credit) XXXX
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How do you read a balance sheet?
A balance sheet should be equal debits and credits at the end of it. Your debits are what you spend. Money on expenses or just about anything. Credits is assets/money/capital credited to accounts. Credits must equal the debits.
When a company records depreciation it debits?
debits expense accounts and credits contra accounts
What if Trial balance debits and credit equals?
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.
How are credits distinguished from debits in the journal?
By indenting
An account will have a credit balance if the?
credits exceeds the debits
What is done to check the equality of debits and credits?
done to check the equality of debits and credits
What do you do if credits and debits are unequal after running an unadjusted trial balance?
If unequal amounts of debits and credits are found in this step, the reason for the inequality is investigated and corrected before proceeding to the next step.
When a customer returns merchandise purchased on credit the retailer debits?
1. Debits Sales Returns, credits Cash 2. Debits Inventory, credits COGS
How do you read a balance sheet?
A balance sheet should be equal debits and credits at the end of it. Your debits are what you spend. Money on expenses or just about anything. Credits is assets/money/capital credited to accounts. Credits must equal the debits.
When a company records depreciation it debits?
debits expense accounts and credits contra accounts
How are credits distinguished from debits in the journal?
By indenting
What if Trial balance debits and credit equals?
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.
An account will have a credit balance if the?
credits exceeds the debits
Are decreases in liabilities recorded as debits or credits?
Debits. Liabilities have credit balances so a debit will reduce such a balance.
Credits are generally good and debits are generally bad?
False
How is the Kyoto protocol enforced?
By using carbon credits and debits
What do debits and credits look like at the end of a period in double-entry accounting?
At the end of the period, double-entry accounting requires that debits and credits recorded in the general ledger be equal.
