Accounting

Accounting
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Storyboard Text

  • When purchasing an item with a debit card, the money comes directly out of the checking account while with credit, you pay later in a bill.
  • What is the difference between debit card and a credit card?
  • What are the dangers of a credit card?
  • With credit, there is a chance that you will spend more than you will be able to payback.
  • When recording transactions, we use two columns. The debit column is on the left side while the credit column is on the right side.
  • Credit and debit have a impact on different accounts such as asset, liabilities and equity accounts. 
  • Debit increases the balance and credit decreases the balance of an asset account. Debit decreases the balance while credit increases the balance of liabilities account and equity accounts. 
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