Answer to Question #184460 in Accounting for Milan

Question

What type of account is Other Financing Sources? Do you normally debit or credit it?

What type of account is Other Financing Uses? Do you normally debit or credit it?

Answer 1

Other financing sources and uses include a limited number of special transactions that are used to account for non-operating revenues/receipts and expenditures/disbursements. Included in this financial reporting category are operating transfers and proceeds from debt transactions.