Question

From the following transactions identify and write whether 'Debit' , 'Credit', or Transfer (Non Cash) Vouchers is prepared. (A) Sold old typewriter for cash. (B) Wages paid for March 2020​

Answer 1

Answer:

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Explanation:

debits and credits are entries made in account ledgers to record changes in value resulting from business transactions. A debit entry in an account represents a transfer of value to that account, and a credit entry represents a transfer from the account.[1][2] Each transaction transfers value from credited accounts to debited accounts. For example, a tenant who writes a rent cheque to a landlord would enter a credit for the bank account on which the cheque is drawn, and a debit in a rent expense account. Similarly, the landlord would enter a credit in the receivable account associated with the tenant and a debit for the bank account where the cheque is deposited