Online Course [Copy]

Transcript

00:00

Hello Class! Hope all of you are doing well !

00:06

Today I will teach you about Debit and Credit

00:06

1-Rules of Debit and Credit

00:08

2-Mickey Mouse and his clothing business

00:15

Rules of Debit and Credit

00:16

-Total debits = total credits -Debits left side, credits right side -An entry requires at least 2 accounts to be affected. -Best way to record debit and credit entires is by using journal entries.

00:28

DEBIT AND CREDIT ACCOUNTING HEADS

00:28

- Im sure you are very confused right now

00:29

-Let me help you understand the accounting Heads and how each is affected

00:40

- A debit is an accounting entry that either increases an asset or expense account. Or decreases a liability or equity account. It is positioned on the left in an accounting entry.

00:43

-A credit is an accounting entry that increases either a liability or equity account. Or decreases an asset or expense account. It is positioned on the right in an accounting entry.

01:03

Mickey Mouse started a business

01:04

A Clothing Business

01:05

He needs help in accounting.