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Is an increase in expense recorded as a debit or credit on the financial statements?
An increase in expense is recorded as a debit on the financial statements.
Is an unrealized gain recorded as a debit or credit on financial statements?
An unrealized gain is recorded as a credit on financial statements.
Why are there no debit or credit columns on financial statements?
because the inside column on financial statements is used for subtotaling
Is a decrease in accounts payable recorded as a debit or credit on the financial statements?
A decrease in accounts payable is recorded as a debit on the financial statements.
The totals of the entries in the Debit and Credit columns are?
7,580.00 in both the debit and credit columns
What is the balance of both the debit and the credit columns in the trial balance?
18,357.82
Can you explain the difference between debit and credit in terms of financial transactions?
Debit and credit are two sides of the same coin in financial transactions. Debit means money is being taken out of an account, while credit means money is being added to an account. Debit decreases the balance, while credit increases it. Think of debit as a subtraction and credit as an addition in your financial records.
What is the meaning of credit and debit?
Debit and credit are accounting terms for different columns. A "debit card" is different from a "credit card" in that when used, the former takes money directly from your bank account. Simply i can say debit what comes in,credit what goes out. i prefer virtual credit cards.
What is the role of debit and credit in financial statement?
The role of debit and credit is about dual effect, which its requirement is debit side equal credit side for each transaction.
How long should you keep bill statements?
credit and debit cards
What is the impact of cash debit from unsettled activity on financial statements?
Cash debit from unsettled activity can impact financial statements by temporarily inflating the cash balance until the activity is settled. This can distort the true financial position of a company, leading to inaccurate financial reporting.
Is letter of credit a financial instrument?
A letter of credit is a financial instrument. It should be treated as such and guarded like you would a credit or debit card.
