Debit and Credit

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  • Hey, do you know what the difference is between debit and credit in acounting?
  • No, not really... Can you tell me what it is??
  • Okay, so in accounting they use the words debit and credit to separate items on the left and right sides of T-accounts
  • Be careful up there, little dude!
  • Ahh, so they don't relate to the actual banking debit/credit system!
  • And accountants use these systems to determine what is a debit or a credit to an account
  • I get it! the words are placeholders for account transactions between the company!
  • But they're also used to show what account gains money by using the words "normal balance"!
  • so they are used to also determine what account either lost or gained money too?
  • yes, you've got it!!
  • so, debit and credit are words used to determine where on a T-account money would go, and then what side increased is shown by the words "normal balance"?
  • Ewwww.... gross!
  • Uhhh... sure, I guess...
  • THE END By: Kaleb Goudy
  • Now uhh, can you change me?
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