An Allowance Received from a Creditor Is Posted to the ________

question 58

Short Answer

An allowance received from a creditor is posted to the ________ column of the creditor's account.

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Definitions:

Credit Side

The right side of an accounting ledger where credits are recorded, typically indicating an increase in liabilities or revenues or a decrease in assets or expenses.

Journalizing

The process of recording transactions in a journal. This is the first step in the accounting cycle, where financial transactions are initially recorded.

Posting Process

The procedure of recording financial transactions into the appropriate accounts within the ledger.

Amount Incorrectly

A term relating to a numerical value or sum that has been calculated, reported, or entered wrongly.