T-Accounts and Debits & Credits - Ch. 2 Video 1

[rodctenis]

Amazing how easy accounting can be having the right teacher. Thanks!

[hoperagland]

this is my second semester in accounting at my university and you are literally teaching me so much more than my professor. you rock

[kiki7772001]

I see what he is saying that the following chapters are very confusing if you do not get this part down. I was afraid to move on to the next lesson because I was not understanding this part of the double entry system.

[kiki7772001]

Thank you Yeshua for leading me here! awesome!

[kiki7772001]

I thank God he allowed me to find this video, I was so confused about which side was debit and credit for each side. This video helped me to see what my teacher was saying about the debit and credit double entry system is an expansion of the accounting equation. Make sence now. I thought I was going to need to memorize which account increases with a debit or credit. Now I see that all I need to do is to figure out where in the accounting equation the account falls. Thank you great vidoe.

[KoreanPopDrama]

Thank you, my finals are tomorrow, this video helps me understand the material better, as my accounting teacher doesn't explain good.

[stringclasher01]

my professor spent hours everyday just to teach us this lesson but you sir did it with just 6:17, and now I finally understands it. Hope my teacher see this video for him to realize how much stupidity he makes.

[phildoken]

my teacher teaches like shes stuck in a monkeys butt .. u make it sound so much simpler

[pachuco007]

sir, you have no idea the great service you are providing. I am re-learning all that studied in college and you are THE BEST professor I have ever seen. Thank you so much for all your help. 

[moxoloxom]

i have dropped out the faculty of economics just because of Accounting lesson... it was too late when i realize economics and accounting is not suitable for me...i am from Turkey by the way...

[Fchouaieb]

GGGGGGGGGGGGGGGGGGGGGGGGGGGGGo­d bless you Sir , much respect , you are helping the world

[masterblaster2k11]

Thank you sir! stay blessed....

[Azzoic]

Heh, Saudi studying first time studying Accounting, can't understand anything from my doctor, and it's just flipped here, since DR is on the right and CR is on the left in Arabic. Good video nonetheless, I did understand it perfectly.

[aribeironyc]

You are my hero! ! ! THANKS A LOT.

The best lecture I have ever had on account.

What book are you talking about???

Also where do you teach???

THANKS! :)

[DaniaOMGWania]

@mattfisher64 Makes a lot of sense Sir, except for the jargon Debit and Credit, which we defined as a place on the T, left or right. So if a debit means left... how do we "increase with a debit" etc, when debit means left. There is a shadow in my comprehension here. :(

Is there any other expression of the words Debit and Credit, besides left and right, that would help me understand the quote above?

Your videos are much appreciated Sir!! :D

[r1dd3l3r]

how do you know that when you borrow $100, it does on the debit of the asset side?

[12101andyoutub]

WOW this is great

[BruceBalistreri]

Your videos are truly great. You articulate things perfectly, and it really helps me learn.

THANKS

[TheIrreverend]

P.S. - are these "negative equity" accounts also what are known as "contra" accounts?

P.P.S. - After coming back and having the right idea in my head, I thought maybe you were putting the DR on the right side for the sake of illustrating their 'upward' effect on the account - but it makes sense now that this was a genuine mistake since they decrease the property under which they are situated on this side of the equation, namely Equity.

[mark234433]

ty for the video

if the business paid a dividend to the shareholders, if i'm right this would reduce equity, but would you debit the drawings (w/d) account or an expense account?

[ny1fanta]

4:00-4:40 just super confusing lol

[lebron25]

thanks for the help, you made a mistake at the end but nevertheless I understood everything. I appreciate the help

[mattfisher64]

Even professors make mistakes. You guys are correct. I did make a mistake towards the end of the video. The expenses and withdrawals should have their debits on the left, like I mention throughout the video. The credits are on the right. Sorry for the error.

[MrAzeem89]

@mattfisher64 NO PROBLM SIR THATS OWSUM THNX

[DaniaOMGWania]

@mattfisher64 This is my third attempt at reasoning it, I conclude that:

1. any increase in an Asset account should be placed on the left/debit side. And

2. this relationship is flipped when we cross the = sign so that any increase in a Liability or Equity account should be placed on the right/credit side. But

3. because the W/d and expenses accounts are negative, it is "unflipped" such that any increases in an expense acc should be place on the left/debit side.

Can I go ahead with this sir? :D

[josmith317]

@DaniaOMGWania I am always trolling for ways to explain this stuff to my students. There is a memory aid I have tried to give to students which is DEAD COIL. If you draw a T-account on the left hand side would be DEAD and the left had side would be COIL. The left had side would be Debits that increase Expenses, Assets, and Dividends. The right hand side is Credit and increase Owner equity, Income and Liabilities. It is not so much flipping = sign as debits must equal credits.

[adibpourmike]

@mattfisher64 thanks for writing this. i was going crazy trying to figure out why you put DR on the right side...btw, thank you so much for the videos.....

[emily27055]

I think Mr. Fisher just made a mistake on the w/d and expense columns ... debits are on the left side - he threw them on the right. Debits increase w/d's and expenses. Still love this guy's videos - they are so helpful!!

[jamiegregoryxd]

you explain it better than my teacher

[mysunshine811]

I understand this but when you put the DR under w/d and expenses on the right i got it confused with the CR. It'd make more sense to have them always on the same side! Thanks

[karlajihil]

Thanks:) accounting so much hard! wahahha...