A glossary of accounting terms and Teal specific definitions
Example 1: Purchase of supplies from a credit card
Ledger | Debit ($) | Credit ($) |
---|---|---|
Supplies expense | 50 | |
Pluto Card *8575 | 50 |
Example 2: Purchase of inventory without payment
Account | Debit ($) | Credit ($) |
---|---|---|
Inventory | 5,000 | |
Accounts Payable | 5,000 |
Example 3: Payment of salaries
Account | Debit ($) | Credit ($) |
---|---|---|
Salaries expense | 85,000 | |
Payroll taxes expense | 15,000 | |
Pluto Checking *3472 | 100,000 |