What is a debit? What is a credit? What is the fundamental accounting equation?

What is a debit?
What is a credit?
What is the fundamental accounting equation?

Expert Solution

A debit entry is that either increases an asset or expense account, or decreases a liability or equity account or it increases debtors

B)Credit is which decreases an asset or income account or increases personal account I e creditors or equity or liability .it increases creditors or decreases debtors

C)Fundamental accounting equation is

Assets = owners equity + liabilities

For every entry there is equal debit and credit

ekkarill92 answered 2 years ago

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What is a debit? What is a credit? What is the fundamental accounting equation?

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