3537701
Description
Mind Map by alysonbooker_, updated more than 1 year ago
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Created by alysonbooker_
over 8 years ago
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What Is The Accounting Equation?
- Assets = Liabilities + Owners Equity and Profit
- What is a debit entry?
- Debit is an accounting entry which means it would
increase an asset or decrease a liability
- Debit is amount owed to a supplier or company
- Debit is an accounting entry which means it would
increase an asset or decrease a liability
- What is a credit entry?
- Credit is an accounting entry which means it would
increase a liability or decrease an asset
- Credit is an amount received by a customer from a supplier if any
goods have been sent back
- Credit is an accounting entry which means it would
increase a liability or decrease an asset
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