1.01 Module Two Lesson One Assignment One

1.01 Module Two Lesson One Assignment One
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  • Debits and Credits By: Shaun Gizdic
  • Ms. Money, could you explain to me the differences between debits and credits?
  • Sure Shaun!
  • When talking about debits and credits, think about a T chart.
  • A debit is an entry on the left side of an account. A Credit is an entry on the right side of an account. The T chart is like a scale. There must be an equal balance on each side.
  • Debits Assets Drawings Expenses
  • T
  • Credits Revenue Liabilities Capital
  • Here is the T chart and which accounts belong on each side.
  • A debit is an entry on the left side of an account. A Credit is an entry on the right side of an account. The T chart is like a scale. There must be an equal balance on each side.
  • Each account will always increase on their respective side of the T chart.
  • Thank you Ms. Money! That really helped me in getting  better basic idea of debits and credits in accounting!
  • A debit is an entry on the left side of an account. A Credit is an entry on the right side of an account. The T chart is like a scale. There must be an equal balance on each side.
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