Does anyone have a website or any tips you can share?
2007-01-31 05:12:38 · 7 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
Some tips: think of debits as left side and credits as right side. They really don't have the common meaning that most people think of.
Also, memorize where the accounts' regular balances are. Assets and expenses are debit, liabilities and income are credit.
Another tip is that in double entry accounting the total debits = total credits so the transaction always balances. So if you know that one side of the entry, such as a deposit to a bank account is a debit, then the other side is a credit. Credit the other account such as 'income' or the asset 'undeposited funds' for the same amount.
2007-01-31 05:18:18 · answer #1 · answered by the Boss 7 · 1⤊ 1⤋
This is a debit card. When you put funds on the card, it is a debit (add funds to the account). When you charge on the card is is a credit (subtracts funds from the account). The refund to your debit card would put funds back on the card, therefore, it would be a debit. Now if you had a credit card, charges would be a debit (add to the account balance) and payments would be a credit (subtracting from the balance). A refund would also be a credit as it would subtract from the account balance. It's accounting ... good old T accounts. Left side debit, right side credit. Which adds or subtracts to the account depends on what type of account.
2016-05-23 23:07:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Debits on the left
Credits on the right
Debit = Debt
Credit = Income
Debit = Minus
Credit = Plus
2007-01-31 05:16:50 · answer #3 · answered by kja63 7 · 1⤊ 2⤋
Debit ( - )
Credit (+)
I recommend that you go to Barnes & Nobles and purchase "Bookkeeping for Dummies" (no offence). It really helped me.
2007-01-31 05:30:15 · answer #4 · answered by Anonymous · 1⤊ 1⤋
Debit is what you owe
Credit is what you have to spend...or save.
2007-01-31 05:16:36 · answer #5 · answered by lou b 6 · 0⤊ 2⤋
Debits are what you subtract (expenses, taxes, costs, labor, etc) and credit are what you add (income, dividends, etc.).
2007-01-31 05:16:52 · answer #6 · answered by Susan B 3 · 1⤊ 2⤋
here, try this:
2007-01-31 05:22:15 · answer #7 · answered by Michael E 5 · 1⤊ 1⤋