How does Debit and Credit work? I was told Debit is when you are payinf or spedning money and Credit is when you you are recieveing money or gaining something in return. But, I was told that in my lesson that someone bought a phone it was a credit by $350 in a cash account, but in the equipment account they recieved $350 dollars-worth of equipment/ the phone. Can you explain to me what that means please? Thank you! In this educational image, we see a presentation on T-Accounts, a fundamental concept in accounting.### Text on the Screen:- **Title**: T-account- **Explanation**: - **DR (DEBIT)**: $ \uparrow $ for Assets (A), Expenses (E), Losses (L) - **CR (CREDIT)**: $ \uparrow $ for Liabilities (L), Equity (SE), Revenues (R)### Diagrams and Illustrations:1. **T-Account Diagram**: - **Cash Account**: - Date: 05 Dec - Debit: $350 - Credit: $350 - **Equipment Account**: - Date: 05 Dec - Debit: $3502. **Equations**: - $ A \rightarrow L + SE $ - This illustrates the fundamental accounting equation, highlighting the relationship between Assets (A), Liabilities (L), and Stockholder’s Equity (SE).### Visual Representation:- **Blackboard**: The information is displayed on a blackboard-like surface, using different colors to differentiate between concepts.- **Instructor**: A person is actively writing and explaining the content, emphasizing the practical application of accounting principles.This presentation is likely designed to help students understand the basics of double-entry accounting and how to log transactions using T-accounts.

How does Debit and Credit work? I was told Debit is when you are payinf or spedning money and Credit is when you you are recieveing money or gaining something in return. But, I was told that in my lesson that someone bought a phone it was a credit by $350 in a cash account, but in the equipment account they recieved $350 dollars-worth of equipment/ the phone. Can you explain to me what that means please? Thank you!

How does Debit and Credit work? I was told Debit is when you are payinf or spedning money and Credit is when you you are recieveing money or gaining something in return. But, I was told that in my lesson that someone bought a phone it was a credit by $350 in a cash account, but in the equipment account they recieved $350 dollars-worth of equipment/ the phone. Can you explain to me what that means please? Thank you!

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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2. ABC Cleaning Company paid rent of $900, check #102. Which accounts are affected? Is it an increase or decrease to the account? Where will the debit and credit be reported? Okay
4/2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000 was financed through the bank (Hint: I still need to PAY this). how to solve this problem? with puting into general journal as debit and credit side
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ocky Industries received its telephone bill in the amount of $300, and immediately paid it. Rocky's general journal entry to record this transaction will include a (Hint: There are many common business expenses. Is phone bill a common business expense?) Group of answer choices Credit to Telephone Expense for $300. Debit to Cash for $300. Credit to Accounts Payable for $300. Debit to Telephone Expense for $300.
1. Rank each feature from most important to least important. (1 to 8) 1 being most important. RANK THESE ACCOUNT FEATURES: It’s Quick and Easy Convenient Access To Your Cash Help Tracking Your Finances Pay Day Is Right On Time Online and mobile banking make your life easier Your money is safe Save on other financial needs Help and support when you need it.