What is the difference between cash and credit transactions?

7 answers

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ANSWER #1 of 7

ok um how do i put this, they are different. cash is like debit and credit is credit. in like accounting in like ledgers receiving cash would be a debit to the account, you are gaining money. and credit is spending or taking money out of the account. if this didnt answer the question explain a little more and i could give a different 1 haha

ANSWER #2 of 7

Credit is someone elses money (the company) and you get bills that could probably lead to debt. Cash or debit is your own money that you are spending from your account or what you deposited.

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ANSWER #4 of 7

haha it deals with accounting of course. what do you want to know like how each one effects an account?

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ANSWER #5 of 7

its bussiness im doing and they just asked to distinguish

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ANSWER #6 of 7

alright well cash is an asset, credit is owner's equity. credit is what the person or business is worth. if your asset goes up or you gain(like cash) then your owner's equity or credit goes up. it would be a debit to asset(which raises) and it would be a credit to owner's equity(also raises).
but in a sense i guess i could say, credit is everything accounted for, as in everything that is owned. cash is one asset and does not count for the rest of the assets. cash is on a regular basis changed going up and down, cash is always exchanged while credit is not.
i hope i answered you haha. if not let me no and ask again haha

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ANSWER #7 of 7

Cash transaction is what you pay on the day in "cash" when you purchase something. Credit transaction is the amount that is placed on your card account, regardless if it is on a credit card, eftpos.

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