Hello,
Is there a specific name for the total debits and total credits of an account? Say we have a cash account with 1,000 in debits and 700 in credits for one month, therefore a debit balance of 300 - what are the 1,000 and 700 called in accounting terminology? credit/debit monthly/period movement, turnover?
Many thanks,
Is there a specific name for the total debits and total credits of an account? Say we have a cash account with 1,000 in debits and 700 in credits for one month, therefore a debit balance of 300 - what are the 1,000 and 700 called in accounting terminology? credit/debit monthly/period movement, turnover?
Many thanks,