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Barium
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Journal Entry- Credits and Debits Updated on: 20 Sep 2010, 10:50
Originally posted by Barium on 14 Sep 2010, 09:12.
Last edited by Barium on 20 Sep 2010, 10:50, edited 1 time in total.
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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?
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refurb
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Journal Entry- Credits and Debits 14 Sep 2010, 16:42
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Debit are on the left-side, credits on the right (of a t-account).

Assets go up on the left, down on the right.

Liabilities go down on the left, up on the right.

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Journal Entry- Credits and Debits 15 Sep 2010, 07:16
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Barium
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?
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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 out

https://www.accountancy.com.pk/forum/top ... IC_ID=2056

https://www.futureaccountant.com/account ... credit.php
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Dawgie
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Journal Entry- Credits and Debits 15 Sep 2010, 08:34
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Watch out for contra assets like allowance for AR and accumulated depreciation.
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Barium
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Journal Entry- Credits and Debits 20 Sep 2010, 10:54
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Hussain15
Barium
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 out

https://www.accountancy.com.pk/forum/top ... IC_ID=2056

https://www.futureaccountant.com/account ... credit.php
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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.)