Module 2 Lesson 1 Assignment 1

Module 2 Lesson 1 Assignment 1
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  • Okay, um where should I start
  • Tell me about debit and credit
  • In accounting debit usually increases the assets account and decreases the liability and owners equity accounts
  • While with credit it usually Decreases the Assets 
  • Woah
  • With that, there is a credit balance which means they owe you money
  • Credit is an entry on the right side of an account, the other person gives money to you, which causes a decrease in liability  
  • Debit is an entry on the left side of an account, which is the other persons cash balance which causes a decrease in an asset
  • Also a debit balance means you owe them money 
  • Yeah, no problem
  • Wow with that I think i'm going to do great in my job interview tomorrow, thanks!
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