Question

On January 15, 2021, Concord Company received a two-month, 6%, $8300 note from William Pentel for the settlement of his open account. The entry by Concord Company on January 15, 2021 would include a: credit of $8300 to Notes Receivable. credit of $8383 to Accounts Receivable. debit of $8383 to Notes Receivable. debit of $8300 to Notes Receivable.

Answer 1

$10500.

What is credit and debit?

Events known as business transactions have a financial influence on an organization's financial statements. We enter the figures in two accounts, with the debit column on the left and the credit column on the right, to account for these transactions.

Debit

An accounting debit is an addition to an asset or cost account or a subtraction from a liability or equity account. In an accounting entry, it is placed to the left.

Credit

A credit is an accounting item that either raises or lowers an asset or cost account. It can also increase or decrease a liability or equity account. In an accounting entry, it is placed to the right.

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