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Sagot :
The correct procedure would be to debit cash over and short for the difference of $43.
- A debit is an accounting transaction that lowers liabilities or increases assets.
- All debits are made on the left side of the ledger in double-entry bookkeeping, and these debits must be balanced by corresponding credits on the right side of the ledger.
- A balance sheet credits negative balances and debits positive values for assets and expenses.
- In a typical journal entry, all debits are listed on the top lines, followed by all credits on the line below the debits. A debit is on the left side of the chart when using T-accounts, and a credit is on the right. The trial balance and adjusted trial balance both use debits and credits to make sure that all entries balance.
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