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“For example, if you spend 100 florins on wool, that is recorded as a credit of 100 florins in your cash account and a debit of 100 florins worth of wool in you
by slantaclaus 5y ago
“For example, if you spend 100 florins on wool, that is recorded as a credit of 100 florins in your cash account and a debit of 100 florins worth of wool in your assets account.”
Didn’t he say this backward? I feel like I’m about to lose my mind
- zem 5y agonope, in accounting terminology "credit" is taking money away and "debit" is adding it.