having a hard time understanding credits and debits
Added by Evelyn W.
Step 1
They are used to record transactions in a company's financial statements. Debits are used to record increases in assets and expenses, and decreases in liabilities and equity. For example, if a company purchases inventory on credit, it would record a debit to Show more…
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1. What is the total credits for the final trial balance? 284,477 Cannot be calculated 176,100 2. How much is the total liabilities in the trial balance? 176,100 76,200 26,200 32,300 3. In a trial balance, should the total debits equal total credits? True False 4. A trial balance includes accounts from the income statement and balance sheet. 5. What is the calculation for the Net Debits computation in the Calculated Fields, Items, and Sets? IF(Credit > Debit, Credit - Debit) IF(Debit > Credit, Debit - Credit) IF(Debit > Credit, Debit - Credit) IF(Credit > Debit, Debit - Credit)
Akash M.
"The debits and credits for five related transactions (1) through (5), are presented in the following accounts Assume the credit terms were 2/10, n/30, using the net method under perpetual inventory system. Cash Sales 10,290 (1) 1,760 Accounts Receivable Cost of Goods Sold 11,760 1,470 7,000 10,290 Inventory 900 (2) ,000 Estimated Returns Inventory 900 Customer Refunds Payable 1,470 Describe each transaction Sold merchandise on account; net of discount: Recorded the cost of the goods sold and reduced the inventory account: Granted credit against customer' accounts receivable for returned merchandise Updated the inventory account for the cost of the merchandise returned Received the balance due_ What was the invoice amount of the merchandise that was returned?"
Aya Bianca I.
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