Ledger question.

Posted by Peter Jason on October 17, 2009, 12:09 am

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Which side of the ledger to the following belong:

SALES:
CREDITORS:
PURCHASES:
DEBTORS:

Withdrawal or Deposit?

Please help
PJ

Posted by ~^ beancounter ~^ on October 17, 2009, 10:35 am

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> Which side of the ledger to the following belong:

> SALES:>>credit

> CREDITORS:>> debit

> PURCHASES:>> debit

> DEBTORS:>> credit

> Withdrawal>>credit

> Deposit?> debit

> Please help

> PJ

what is thif for ? homework?

Posted by paulthomascpa on October 19, 2009, 8:18 am

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> Which side of the ledger to the following belong:

> SALES:

> CREDITORS:

> PURCHASES:

> DEBTORS:

> Withdrawal or Deposit?

> Please help

Which ledger are you referring to? Cash ledger? General ledger?

Debit entries are generally going to increase assets and expenses.
Credit entries generally increase revenues, debts and equity.
And you are aware that assets = liabilities + equity.

--
Paul Thomas, CPA
www.paulthomascpa.com