Write a short paragraph explaining to yolanda

Assignment Help Financial Accounting

Reference no: EM13177386

Yolanda Fonagy sat in Mr. Voytek's accounting class, frustrated and confused. She felt certain that she knew the basic's of debiting and crediting accounts. Furthermore, her textbook clearly showed that asset accounts, such as Bank, are increased by debiting. However, when she made her last bank deposit, she discovered that the teller had increased her bank balance by crediting her savings account! She was certain that either the textbook, her teacher or her bank teller had made a serious error.

1. Was Yolanda correct in assuming that an error had been made? Defend your position.

2. Check the passbook you have received from your bank. Has the bank also increased your bank balance by crediting your account?

3. Write a short paragraph explaining to Yolanda why her account was increased by a credit entry.

Reference no: EM13177386

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