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Why are debit cards called debit cards? Is the accounting term used correctly? What would the...

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Accounting

Why are debit cards called debit cards? Is the accounting termused correctly? What would the accounting entry be to record an ATMwithdrawal on the bank’s books? What would the accounting entry beon your books if you use your company debit to purchase officesupplies? Does it make sense?

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The checking account balances of a banks customers are liabilities for the bank so whenever we are using debit card for payment there will be a reduction in the    See Answer
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Transcribed Image Text

Why are debit cards called debit cards? Is the accounting termused correctly? What would the accounting entry be to record an ATMwithdrawal on the bank’s books? What would the accounting entry beon your books if you use your company debit to purchase officesupplies? Does it make sense?

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