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Vermont Posted 21 years ago
Vocabulary
Credited and debited
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Hi,
Of what she earned, Dulcie received six dollars per week. The remainder was credited to her and debited to somebody else's account in the ledger--
What does 'was credited to her and debited' mean? Somebody takes her money and pay debt or what?
Thanks
Hi,
Of what she earned, Dulcie received six dollars per week. The remainder was credited to her and debited to somebody else's account in the ledger--
What does 'was credited to her and debited' mean? Somebody takes her money and pay debt or what?
Thanks
Top answer
Hi, If the bank credits $1 to your account, it means they add $1 to it. If they debit your account by $1, it means they take or subtract $1. Credits are good, debits are bad.
- Hi, If the bank credits $1 to your account, it means they add $1 to it.
- If they debit your account by $1, it means they take or subtract $1.
- Credits are good, debits are bad.
- Of what she earned, Dulcie received six dollars per week.
- The remainder was credited to her and debited to somebody else's account in the ledger-- What I understand is happening is this.
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5 Answers
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Hi,
If the bank credits $1 to your account, it means they add $1 to it. If they debit your account by $1, it means they take or subtract $1. Credits are good, debits are bad.
Of what she earned, Dulcie received six dollars per week. The remainder was credited to her and debited to somebody else's account in the ledger--
What I understand is
If the bank credits $1 to your account, it means they add $1 to it. If they debit your account by $1, it means they take or subtract $1. Credits are good, debits are bad.
Of what she earned, Dulcie received six dollars per week. The remainder was credited to her and debited to somebody else's account in the ledger--
What I understand is
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Credits are good, debits are bad.
Don't tell that to the guy taking care of the cash accounts in any corporation!
Debiting the cash account means money is coming in and crediting the cash account means money is going out! (Look it up in any accounting textbook!)
Nevertheless, in rough, non-technical terms to the "man-in-the-street" and his pers
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The debit side is on the left, and the credit side is on the right.
In a balance sheet, assets go on the left, while liabilities and owner's equity go on the right.
That just about sums up nearly everything I know about accounting. :-)
In a balance sheet, assets go on the left, while liabilities and owner's equity go on the right.
That just about sums up nearly everything I know about accounting. :-)
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