ACCOUNTING BASICS: Debits and Credits Explained
💥Debits and Credits Cheat Sheet →
Shhh, it’s a secret! Not really.. In this Accounting tutorial you’ll discover the true meaning of Debits and Credits in Accounting. This episode is a continuation of our series exploring Accounting Basics. To see the whole playlist check out the link below.
The terms ‘Debit and Credit’ are the bread and butter of Double Entry Bookkeeping and reflect the duality or double-sided nature of all financial transactions. It’s crucial to understand this concept when studying Accounting for Beginners because all transactions generate Credit and Debit entries. At the end of the video, I’ll show you the secret to Debits and Credits which will make remembering which side of the Accounting Equation they fall on a piece of cake!
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00:00 – Intro
00:39 – Debit and Credit Misconceptions
00:55 – What are Debits and Credits in Accounting?
01:22 – What is Economic Benefit?
01:48 – Which Accounts are Debits or Credits?
02:35 – Is Equity a Debit or a Credit?
02:46 – The Maths behind Debits and Credits
04:09 – How to Remember Debits and Credits
04:33 – Recap
▪ My Favourite Accounting Book for Beginners →
🔝 CLOUD ACCOUNTING SOFTWARE
▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) →
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▪ The Full Playlist →
▪ Lakey Inspired – Last Night →
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