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Adelin Mushita
on Nov 18, 2024

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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.
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JA
Julia AdamsNov 25, 2024
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