If a debit is an increase in amount, then why is the answer to Part 3, question 5, "The balance in the Sales Revenue account for LJM. Inc at the end of January is $12,200. Using a comma to separate your answer, first indicate what account is debited and then what account is credited?" Sales Revenue, Income Summary? It says "The Revenue account now has a zero balance and the Income Summary has a $12,200 credit balance." If the sales revenue account is debited (increased), how can it be zero?
__________________
Excelsior, BS Finance, pursuing degree
Studying:
Completed:
CLEP: Hum. (67), Hist. of U.S. I (74), Hist. of U.S. II (71), Intro. Psych. (69), Intro. Soc. (72), Soc. Sci. and Hist. (74), Western Civ I (72), Western Civ II (70), Am. Lit. (60), Intro. to Educ. Psych. (62), P. of Management (74), P. of Market. (74), Intro. Bus. Law (67), P. of Accounting (60), AmGov (68)
DSST: Ethics in Am. (76), P. of Super.(67), HRM (65), Intro to Bus. (70), MIS (65), P. of Fin (62), M&B (65), P. of Stat. (68)
ECE: OB (B)
Total Credits: 108
|