Hi everyone,
I am currently struggling to understand how de we know if a number/amount is on debit or credit side for accounts like inventory, accounts receivable, accounts payable etc.
For example, I have made purchases of 7000 in both food & beverages inventory. Based on what exactly am I able to identify if for inventory & accounts payable this amount will be on debit or credit?
Your help would be life saving! Thanks.
I am currently struggling to understand how de we know if a number/amount is on debit or credit side for accounts like inventory, accounts receivable, accounts payable etc.
For example, I have made purchases of 7000 in both food & beverages inventory. Based on what exactly am I able to identify if for inventory & accounts payable this amount will be on debit or credit?
Your help would be life saving! Thanks.