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!
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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!
![+
b Homework Help and Textbook S
A Acellus - The Science of Lear
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A Not secure admin132.acellus.com/StudentFunctions/Interface/acellus_engine.html?ClassID=2061167722#
O Reading list
Other bookmarks
O ThatTutorGuy | Mat.
O ThatTutorGuy | Mat.
O Step-by-Step Math.
O 836427dc3cca433.
G how to get your cre..
O Properties of equali.
O History and Facts
T-Accounts
Status
Help
Video
|- account
CR f^,Ea (transaction)
CASH
oS De
CREDITS
(6360)
DCBITS
EQUIPMENT
DCBITS
$350
OS Dec
CREDIIS
Copyright © 2003 - 2021 Acellus Corporation. All Rights Reserved.
US
A 10:43
Help Resources](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc37ccca9-9544-457c-902f-ef6dd2b38a74%2F781f8b06-773a-4a56-a0a4-ebe25c101d56%2Fh389ihf_processed.png&w=3840&q=75)
Transcribed Image Text:+
b Homework Help and Textbook S
A Acellus - The Science of Lear
11430
A Not secure admin132.acellus.com/StudentFunctions/Interface/acellus_engine.html?ClassID=2061167722#
O Reading list
Other bookmarks
O ThatTutorGuy | Mat.
O ThatTutorGuy | Mat.
O Step-by-Step Math.
O 836427dc3cca433.
G how to get your cre..
O Properties of equali.
O History and Facts
T-Accounts
Status
Help
Video
|- account
CR f^,Ea (transaction)
CASH
oS De
CREDITS
(6360)
DCBITS
EQUIPMENT
DCBITS
$350
OS Dec
CREDIIS
Copyright © 2003 - 2021 Acellus Corporation. All Rights Reserved.
US
A 10:43
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