In our accounting class last night we went over Journal Entries with Credits and Debits. It was very confusing. Does anyone have an easy way of explaining it or a source I can check out?
Debit & credit are the foundation of a double entry system. Actually debit credit terminologies are not important. Its the double entry system that needs attention.
Check these links outhttp://www.accountancy.com.pk/forum/top ... IC_ID=2056http://www.futureaccountant.com/account ... credit.php
Thanks- those links help. I'm slowly starting to grasp it but its good to know that the terminology for credits/debits for non accountants is the opposite of those in the field. Just need to make the minor adjustment but pretty much Debit= Left and Credit =Right and what it does to journal entry after that point depends on its classification (asset, liability, equity, revenue, etc.)