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The Secret to Simplifying Accounting Debits and Credits

Welcome to Concierge CPA a channel with free accounting lessons covering accounting topics from Basic Accounting Principles and Concepts to Advanced! #1 HACK DEALER accounting equation In this video, we're going to simplify accounting debits and credits. We'll cover the basics of accounting and how debits and credits work. We will review the rules for debiting or crediting an account. We will also cover the accounting equation: Assets = Liabilities + Equity I will also go over the expanded accounting equation and tell you how the word DEALER can help you remember the rules of debits and credits. the secret is that these debits and credits work together to keep the accounting equation balanced! I will provide examples and T accounts to help you follow along! This is a somewhat difficult concept to understand but once you do, you are on your way to learning accounting like a pro! many students use T accounts to visualize the concept. I used the following when I was starting: Assets = Liabilities + owner's equity debit | credit = debit | credit debit | credit - - + - + I still have this picture in my head, and recall it every time I need to account for something, simple or complex! Hope this helps. Let me know in the comments! If you're new to accounting, or if you need a refresher on the basics, this video is for you! By the end of this video, you'll better understand what accounting debits and credits are and how they work. Learn debits and credits with real-life examples. Welcome to the channel! This is the first video of many I will make to help you understand accounting like a CPA. Like and subscribe for more! leave a comment with any questions Chapters 00:00 Introduction 00:43 Double Entry Accounting, Accounting Journal Entries 00:55 Debits and Credits 01:15 Debits and Credits Misconceptions 01:35 Debits on the left and Credits on the right 02:01 T Accounts Explained 02:19 Luca Pacioli, the father of accounting 02:43 Transactions are recorded in T accounts 02:54 Debits and Credits keep the accounting equation balanced 03:42 The Expanded Accounting Equation DEALER 04:39 DEALER Debits on the left, credits on the right 04:55 Lemonade stand accounting example 05:58 Accounting Example 2 07:05 How to account for the purchase of office supplies 07:31 How to account for cash collections 07:54 Thank you for watching!! Like and subscribe for more!! #accounting #accountingtutorials #accountingequation #Accounting Fundamentals #DebitsandCredits Explained #Financial Transactions #accountingbasics #bookkeeping #Accountingconcepts #Balance Sheets #recordingentries NEED MORE HELP? check out my article: https://myconciergecpa.com/debits-and... 📫 Business Inquiries: [email protected]