Asked by
Adelin Mushita
on Nov 18, 2024Verified
Which of the following abbreviations is correct?
A) Debit, "Dr"; Credit, "Cd"
B) Debit, "Db"; Credit, "Cr"
C) Debit, "Db"; Credit, "Cd"
D) Debit, "Dr"; Credit, "Cr"
Debit
An entry recorded on the left side of a ledger account that increases an asset or expense account, or decreases a liability, equity, or revenue account.
Credit
A financial arrangement where goods, services, or money is received in exchange for a promise to pay back later, often with interest.
"Dr"
An abbreviation for "debit record," indicating an entry on the left side of an account, representing an increase in assets or expenses.
- Familiarize oneself with the strategy of recording and updating entries in financial accounts.
Verified Answer
JA
Learning Objectives
- Familiarize oneself with the strategy of recording and updating entries in financial accounts.