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Accounting is the language of business

Understanding the concept of debits and credits will make it possible for you to construct financial statements rather than relying on a book keeper. Thus you will be in control of your business.
by

tammy vaillancourt

on 21 August 2012

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Transcript of Accounting is the language of business

GIVING YOU A HAND TO UNDERSTANd THE Rules of Debits and Credits Credits Balance Sheet Equation

Assets = Liabilites + Owners Equity Debits ThEORY INTO PRACTICE is here is important is important too is important LEFT SIDE JOURNAL ENTRY RIGHT SIDE JOURNAL ENTRY Debits increase the following accounts
Assets
Expenses Debits decrease the following accounts
Liabilities
Owner's Equity
Revenue Credits increase the following accounts
Liabilities
Owner's Equity
Revenue Credits decrease the following accounts
Assets
Expenses Assets


Liabilities
Owners Equity

Revenue
Expenses LEFT HAND
DEBIT RIGHT HAND
CREDIT Test Your Knowledge Students will understand the rules of debits and credits
Students will be able to journalize debits and credits in a transaction LEARNING OBJECTIVES Scott purchases $500 of
Icewine inventory paying with credit General Journal Debit Credit Account Icewine Inventory (Asset) Accounts Payable (Liabilitiy) $500 $500 1 1 Giving you a hand to understand Knowing the rules of debits and credits will make it possible to
understand transactions rather than simply guess
allowing you to prepare accurate financial statements Pre Evaluation Review on the balance sheet
equation from last class Will the inventory (asset) be
debited or credited? Will accounts payable (liability) be debited or credited)
Full transcript