General Ledger Needed for Spearmint, Incorporated states that the amount of cash is $139,875 (debit), the amount of the discount on the bonds due is $10,125 (debit), and the amount of the bonds due is $150,000. (credit).
Define credit and debt with an example.
Interest is Due. $625. Create a debit (increase) for cash and a credit entry (notes or loans payable) for the loan. The cost of interest for the year must also be recorded. You would credit the monthly due account & credit the cash account when you paid the interest in December.
What distinguishes debit from credit?
A debit is a sum that is transferred from one account to another and raises assets. Credit is the sum due that the debtor is obligated to pay to the creditor.
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