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PROPERLY Record Debits and Credits with Examples (EASIEST Method)

Master Financial Analysis in 30 Minutes! 🚀 Start our FREE course now and learn the basics fast. No strings attached! 👉 https://link.xelplus.com/yt-free-fina... In this video, we take a deep dive into the world of debits and credits, turning theory into practice! Ideal for anyone keen to understand the real-life application of accounting principles. 🔍 What's Inside: ▪️ T-Accounts & Journal Entries: We start with the basics of T-accounts and then progress to journal entries, making the process easy to understand. ▪️ Real-Life Examples: Follow along as we record transactions for Claudio’s Italian beach business, offering a practical perspective. ▪️ Detailed Steps: From analyzing which accounts are affected to determining whether they go up or down, each step is clearly explained. ▪️ Accounting Concepts Simplified: Complex concepts like "Cost of Goods Sold" (COGS) and different inventory valuation methods are broken down for ease of understanding. ▪️ Visual Illustrations: We use T-accounts to visualize transactions, helping you grasp the concepts more effectively. Use our secret weapon ADEx LER (Accountants Don't Expect Low Earning Rates) to apply Debits and Credits to actual transactions of a business. 00:00 Debits and Credits Practice Problems and Solutions 01:22 How to write and record debits and credits? 02:09 Owner putting Equity in company 05:42 Buying Inventory with Cash 07:20 Recording Sales 10:03 Recording COGS 11:00 Is Expense a debit or credit? 12:02 Summary of Transactions 13:15 Income Statement 13:35 Balance Sheet ★ My Online Excel Courses ► https://www.xelplus.com/courses/ ➡️ Join this channel to get access to perks:    / @leilagharani   👕☕ Get the Official XelPlus MERCH: https://xelplus.creator-spring.com/ 🎓 Not sure which of my Excel courses fits best for you? Take the quiz: https://www.xelplus.com/course-quiz/ 🎥 RESOURCES I recommend: https://www.xelplus.com/resources/ 🚩Let’s connect on social: Instagram:   / lgharani   LinkedIn:   / xelplus   Note: This description contains affiliate links, which means at no additional cost to you, we will receive a small commission if you make a purchase using the links. This helps support the channel and allows us to continue to make videos like this. Thank you for your support! #Accounting