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Where will you put mortgage payable on a general ledger?
credit mortgage payable in the liability side of the balance sheet
How do debits and credits affect the accounting equation?
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.
What is the meaning of the 2 sides of a T-Account?
One side is for Debits (left side) and the other is for Credits (right side).
What side of ledger is payment to creditors?
credit
Where does accounts payable fall in accounting balance sheet general ledger chart of accounts?
Accounts payable is liability and fall under liability side of balance sheet.
Where will you put mortgage payable on a general ledger?
credit mortgage payable in the liability side of the balance sheet
What is the Florentine and the Venetian approach to reporting?
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.
How do debits and credits affect the accounting equation?
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.
What is an example of a T diagram?
A T diagram, often used in accounting, is a visual representation of debits and credits in a ledger account. For example, a Cash account T diagram would have "Debit" entries on the left side, showing increases in cash, and "Credit" entries on the right side, indicating decreases. This simple format helps in tracking transactions and ensuring that the accounting equation remains balanced.
What is the meaning of the 2 sides of a T-Account?
One side is for Debits (left side) and the other is for Credits (right side).
What side of ledger is payment to creditors?
credit
Debit balance in the sales ledger set off against credit balances in the purchase ledger?
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
Where do you record the debit in T account?
Debits go on the left hand side of a T account
Where does accounts payable fall in accounting balance sheet general ledger chart of accounts?
Accounts payable is liability and fall under liability side of balance sheet.
How do one treat 'discount received' in the sales ledger?
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 is CGS recorded at credit side?
when the goods are sold , then the cost of goods sold is recorded at the credit side of the purchase ledger
Why capital shown in liability side?
there are two sides, debits and credits. in order for both sides to balance assets=liabilities+owners equity.
