Which one of the following statements describes the rules about posting transactions into T-accounts in the ledger? For assets, debits are entered on the left; for liabilities, credits are entered on the left For assets, credits are entered on the left; for liabilities, debits are entered on the left Debits on the left; credits on the right Credits on the left; debits on the right

Which one of the following statements describes the rules about posting transactions into T-accounts in the ledger? For assets, debits are entered on the left; for liabilities, credits are entered on the left For assets, credits are entered on the left; for liabilities, debits are entered on the left Debits on the left; credits on the right Credits on the left; debits on the right

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

38. Which one of the following statements describes the rules about posting transactions into T-accounts in the
ledger?
For assets, debits are entered on the left; for liabilities, credits are entered on the left
For assets, credits are entered on the left; for liabilities, debits are entered on the left
Debits on the left; credits on the right
Credits on the left; debits on the right

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