Answer :
When recording this sale, ApplianceWorld would:
Debit the Cash A/c by $1900
Debit the Credit Card Expenses A/c by $76
Credit Sales A/c by $1976
What is Accounting?
Accounting is a process of recording, classifying and summarizing financial transactions in a significant manner and interpreting results thereof. Accounting is a science as well as an art.
In order to handle an entity's commercial operations properly, regardless of the type of entity or how big or little it is, a proper accounting system is crucial. An accountant needs to be well-versed in the terminology and different kinds of accounts used in accounting.
What is a Account?
The organized presentation of all transactions under a specific head is known as an account. An account displays the condensed records of transactions pertaining to the person or thing in question.
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