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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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.
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