Accounting Lecture 03 Part I - Debits and Credits

Introduction to debit and credit entries in accounting systems. The "rules" regarding debits and credits, why they are used, and what they represent.

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Education

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• Introduction
• to
• Accounting
• Financial
• Managerial
• bookkeeping
• lecture
• tutorial
• lesson
• transaction
• debit
• credit
• entry
• entries
• journal
• ledger
• posting
• recording
• asset
• liability
• owner's
• stockholders'
• equity
• statements
• income
• statement
• balance
• sheet

[cashcodym]

i am forced to watch this in my financial management class, if i could i would kill you these vids are horrible!!!

[AccountingTutor]

@cashcodym

Sorry you're having such a difficult time learning basic bookkeeping. Sounds like you should drop the class and change majors right away. There's no point staying in a class or a field of study that you are unable to comprehend. Besides being so frustrating now, it can only lead to future career failures...

[innocent1252]

Why is the drawing acc called a income statement acc, I didn't think drawings were a part of the income statement.

[AccountingTutor]

@innocent1252

You're correct. The "Drawing" account isn't shown on the income statement, so only revenue and expense accounts should be referred to as "income statement accounts." The video attempts to teach you an important concept - that the "temporary accounts" (revenues, expenses, and Drawing) are just separate little Capital accounts that are used to store and classify these items so that the financial statements can be prepared more easily.

[zcoolgalz]

thanks to your video's I got an A in my 1st semester finals god bless you sir

[millerdrunkkid]

A.E.D - Assets, Expenses, Drawings =Credit for increases. LRC - Liabilities, Revenue, Capital= Credit for decreases. The rest you can put together in your head or paper. A way to learn which side do you put increases and decreases in the T accounts.

[firered84]

dont listen to cashcodym, these video's are really helpful

[h2overit]

@AccountingTutor I just discovered your videos 2 hours before my first exam (ever in accounting) this evening. They are incredible and I wish I knew of them sooner as I am struggling. I will be glued to them from now on as my own personal tutor for the rest of the semester!! Thank you for these videos!!!

[ummmomen]

@cashcodym Sorry that u face difficulty to learn. do no panic, insist to learn & to succeed. watch other vids & read other books. everyone takes time to understand the basics of something new. have patience, do ur best then excpect results.

[ummmomen]

@cashcodym do not panic, insist to succeed, find another vids or read some other books. if you belive you can succeed you will do. be sure that when anyone is trying to learn something new , it takes time to understand the basics. just have patience & do ur best then expect results

[ummmomen]

@cashcodym

Sorry you're having difficult time to learn. do not panic, insist to succeed, find another vids or read some other books. if you belive you can succeed you will do. be sure that when anyone is trying to learn something new , it takes time to understand the basics. just have patience & do ur best then expect results.

[allp17]

THIS IS REALLY HELPFUL thanks :D :D :D