A Credit to an Asset Account Means That Asset Account

question 10

True/False

A credit to an asset account means that asset account has been increased.

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Definitions:

Adjusting Entries

Journal entries made at the end of an accounting period to update account balances before financial statements are prepared.

Cash Receipts Journal

An accounting ledger that tracks all cash inflows to a business, documenting sources of revenue or income.

Subsidiary Ledger Accounts

Detailed accounts contained within a subsidiary ledger, tracking individual transactions related to a specific customer, supplier, or type of item.

Accounts Receivable

Money owed by customers for goods or services that have been delivered but not yet paid for.