https://padlet.com/april_smith31/qwel32a4jwiek7fd Add a fact under each of the 3 columns (for each section in the reading). Then comment on other people's facts. en-us 2020-12-02 00:06:46 UTC 2021-01-09 23:00:04 UTC hello@padlet.com damonmontanez https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056862425 Debit means "what is due".]]> 2021-01-05 18:27:32 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056862425 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056864138 a franciscan monk called Luca Pacioli was the inventor of double entry accounting]]> 2021-01-05 18:27:53 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056864138 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056865006 (Bri Seay)]]> 2021-01-05 18:28:04 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056865006 damonmontanez https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056871380 A decrease in liabilities or shareholders' is a debit, which is known as "DR".]]> 2021-01-05 18:29:24 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056871380 andrewharris6 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056875420 Debit also known as debitum in Latin means what is due and credit also known as creditum means something entrusted to another or a loan.]]> 2021-01-05 18:30:15 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056875420 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056876160 An increase in the value of assets is a debit to the account and a decrease to debit]]> 2021-01-05 18:30:24 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056876160 andrewharris6 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056881665 Debit is money that you owe while credit means money that is a loan that will need to be repaid at a later date.]]> 2021-01-05 18:31:33 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056881665 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056883173 The terms debit and credit have latin roots. debit for "what is due" and credit defined as"something entrusted to an other or a loan"]]> 2021-01-05 18:31:52 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056883173 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056885115 A debit account represents a transfer of value to that account, and a credit entry represents a transfer from the account.]]> 2021-01-05 18:32:12 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056885115 damonmontanez https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056885584 One theory is that DR stands for "debit record".]]> 2021-01-05 18:32:19 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056885584 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056886281

An increase in liabilities or shareholders' equity is a credit to the account, notated as "CR."

]]> 2021-01-05 18:32:27 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056886281 andrewharris6 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056886830 Debit is on the left side of the account and credit is on the right.]]> 2021-01-05 18:32:34 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056886830 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056887854 Both debt and credit are based on latin root words. Credit is based on the word creditum mean something entrusted, and debit is based off of the word debitum meaning what is due. Debit refers to a decrease in liabilities.]]> 2021-01-05 18:32:46 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056887854 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056888035 (Bri Seay)]]> 2021-01-05 18:32:49 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056888035 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056891998 Using double-entry method, bookkeepers enter each debit and credit in two places on a company's balance sheet.]]> 2021-01-05 18:33:36 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056891998 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056894462 CR is short for creditor ]]> 2021-01-05 18:34:06 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056894462 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056896431 A decrease in liabilities is a debit, notated as "DR."credit comes from creditum, meaning "something entrusted to another or a loan."

]]> 2021-01-05 18:34:32 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056896431 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056901895 an increase in liabilities or shareholders' equity is a credit to the account, notated as "CR," and a decrease is a debit, notated as "DR." ]]> 2021-01-05 18:35:39 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056901895 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056904486 A balance sheet is used to record the companies assets.]]> 2021-01-05 18:36:09 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056904486 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056908623 DR stands for "debit record" and CR stands for "credit record."]]> 2021-01-05 18:36:58 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056908623 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056909208 the accountant records the amount as a credit in the accounts receivables section and a debit in the revenue section. This method is also known as "balancing the books."

]]> 2021-01-05 18:37:05 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056909208 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056912497 In the double-entry system, transactions are recorded in terms of debits and credits.]]> 2021-01-05 18:37:42 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056912497 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056916940 In the world of accounting, a financial liability is also an obligation but is more defined by previous business transactions, events, sales, exchange of assets or services, or anything that would provide economic benefit at a later date. ]]> 2021-01-05 18:38:33 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056916940 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056920248 When you increase assets, the change in the account is a debit, because something must be due for that increase (the price of the asset). ]]> 2021-01-05 18:39:13 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056920248 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056920371 When you increase assets, the change in the account is a debit, because something must be due for that increase (the price of the asset). ]]> 2021-01-05 18:39:14 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1056920371 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1057015529 AN increase in liabilities is a credit, because it signifies an amount that someone else has loaned to you.]]> 2021-01-05 18:58:20 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1057015529 christophertheilmann https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1065391226 Luca Pacioli was basically the founder of accounting.]]> 2021-01-07 22:20:14 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1065391226 christophertheilmann https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1065393169 A balance sheet is a financial statement that reports a companies assets, liabilities, and shareholders equity at a specific point in time.]]> 2021-01-07 22:21:23 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1065393169 christophertheilmann https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1065396861 DR stands for debit record and CR stands for credit record.]]> 2021-01-07 22:23:39 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1065396861 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1066271037 Debit balances are usual for asset and expensr accounts while credit is normally for liability equity, and revenue ]]> 2021-01-08 08:23:03 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1066271037 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1066273151 Company assets are recorded on balance sheets , which is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time]]> 2021-01-08 08:24:21 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1066273151 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1066275198 Credit is creditor and debit is short for “debitor” or so it is thought ]]> 2021-01-08 08:25:39 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1066275198 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1068175861  debit and credit are based on latin root words. Credit derived from  creditum mean something entrusted, and debit is derived from debitum meaning what is due. Debit refers to a decrease in liabilities. while credit refers to an increase in equity

]]> 2021-01-08 18:12:50 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1068175861 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1068186219 an increase in the value of assets is credit and an increase in liabilities to the account is debit ]]> 2021-01-08 18:15:11 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1068186219 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1068201422 the increase in liabilites is a credit because it shows the amount of money that someone has loaned or given you ]]> 2021-01-08 18:18:34 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1068201422 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1070402971 Using the double-entry method, bookkeepers enter each debit and credit in two places on a company's balance sheet.]]> 2021-01-09 22:59:08 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1070402971 https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1070403506 When you increase assets, the change in the account is a debit, because something must be due for that increase (the price of the asset). Conversely, an increase in liabilities is a credit because it signifies an amount that someone else has loaned to you and which you used to purchase something (the cause of the corresponding debit in the assets account).]]> 2021-01-09 22:59:57 UTC https://padlet.com/april_smith31/qwel32a4jwiek7fd/wish/1070403506