Willow rentals purchased office supplies on credit. the general journal entry made by willow rentals will include a: Credit to accounts payable.
Debit and credit are terms used by bookkeepers and accountants when recording transactions in the books of account. The amount of each transaction must be entered in one account as a debit (to the left of the account) and in another as a credit (to the right of the account). This double-entry system ensures the accuracy of accounting records and financial statements.
The initial challenge was to figure out which accounts would have debit entries and which would have credit entries. Before explaining and illustrating debits and credits in accounting and bookkeeping, we will discuss the accounts where debits and credits will be posted or posted.
To organize a company's financial data, accountants have developed a system for organizing transactions into records called accounts. When setting up a company's accounting system, the accounts most likely to be affected by the company's transactions are identified and listed.
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