Asked by Bumpei Hirano on Jun 20, 2024
Verified
The cash account will always be debited.
Cash Account
An account that records all transactions involving cash inflows and outflows, including receipts, disbursements, and balances.
Debited
An accounting entry that increases an asset or expense account, or decreases a liability or equity account.
- Learn about the mechanisms of debits and credits and their consequences on account balances.
Verified Answer
MR
Monse RamirezJun 25, 2024
Final Answer :
False
Explanation :
The cash account can either be debited or credited depending on the transaction. For example, when cash is received, the cash account is debited, and when cash is paid out, the cash account is credited.
Learning Objectives
- Learn about the mechanisms of debits and credits and their consequences on account balances.
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