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11 to determine the balance in a prepaid expense account subtract credits from debit 4295065

 

 

11. To determine the balance in a prepaid expense account, subtract credits from debits. 
 

 

12. An account has three parts to it; a title, an increase side, and a decrease side. 
 

 

13. The right hand side of a T account is known as a debit and the left hand side is known as a credit. 
 

 

14. A debit is abbreviated as Db and a credit is abbreviated as Cr
 

 

15. Debiting the cash account will increase the account. 
 

 

16. The T account got its name because it resembles the letter “T.” 
 

 

17. The recording of cash receipts to the cash account will be done by debiting the account. 
 

 

18. A credit to the cash account will increase the account. 
 

 

19. The recording of cash payments from the cash account is done by entering the amount as a credit. 
 

 

20. The cash account will always be debited 
 

 

 

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