intro to accounting principles help!!!?

Question

I'm taking my first accounting class and having trouble figuring out this whole credit debit thing. Are there any websites that have animated illustations or videos that show you examples of all the begining accounting stuff?? This would be such a great help.

Thanks in advance!!!

Answer 1

Speaking as an accounting instructor, I can tell you that the KEY lies in the definitions of debit and credit, and an understanding of the accounting equation.

1) Debit means the left side of a T-account
2) Credit means the right side of a T-account
3) The accounting equation is Assets = Liabilities + Owners Equity

OK, assets are on the left-hand side, and so increases to them would be recorded on the left side of a T-account, and that side is called the debit side. And so a debit to an asset means it went up!

Now liabilities are on the right-hand side of the accounting equation, and so increases to them would be entered on the left side of a T-account, which is the credit side. And so a credit to a liability means it went up.

And lastly, owners equity accounts are on the right, and so increases would be recorded on the right side of the T-account, which is the credit side. So credits to owners equity accounts mean it went up.

Answer 2

http://www.businessbookmall.com/Accounting%20Internet%20Library.htm