A business owner took $1,000 of his initial financial investment out. The cash account would be credited and the drawing account would be debited in this transaction.
Business transactions are actions that have a monetary effect on an organization's financial statements. We keep track of these transactions by recording the numbers in two accounts, with the credit column on the right and the debit column on the left.
A debit is a financial transaction that either adds to an asset or cost account or subtracts from a debt or equity account. In an accounting entry, it is put in the left-hand column. A credit is an accounting entry that either raises or lowers an asset or expense account, depending on the account type. When used in an accounting entry, it is to the right.
Learn more about debit account and a credit account here:
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