Debits and Credits MADE EASY with ADEx LER
26 November 2019 Unleash your inner Financial Pro
Get Access to My Course "Fundamentals of Financial Analysis" HERE: https://www.xelplus.com/course/learn-financial-analysis/
Finally understand Debits and Credits and remember it easily with our secret weapon: ADEx LER (6:23)
There is a simple rule to understanding debits and credits. By the end of this tutorial you will understand the difference between debits and credits in accounting. You will have your cheat sheet to refer to when it comes to understanding whether a transaction needs to be debited or credited.
You will also understand debit and credit in banking and why banks use the terminology that seems confusing: debit card and credit card. You'll understand how that fits with our debit and credit examples.
Overview:
Debits and Credits are a fundamental part in accounting. Debits and Credits affect accounts differently depending on the type of account. To memorize the rules easily just remember: Accountants Don't Expect Low Earning Rates.
Debits and Credits always go together. Every transaction will have Debits and Credits and at least two accounts will be affected. If one account is debited then another one must be credited. Just think of it like a bank transfer. When you send someone money it comes out of your bank account and goes into their account.
The process of recording transactions with debits and credits is referred to as double-entry accounting, because there are ALWAYS at least two accounts involved. There can be more than 2 accounts involved in one transaction but never less than 2. We call this a flow of economic benefit from a source to a destination.
Assets, Dividends, and Expenses are Debits. The balance of these accounts increases with debits and decrease with credits.
Liabilities, Equity, and Revenues are Credits. The balance of these accounts increases with credits and decrease with debits.
Chapters:
T-Account Basics - 00:53
Rule #1 in Accounting - 1:08
Rule #2 in Accounting - 1:25
Balance of a T-Account - 2:04
Rule #3 in Accounting - 4:10
Which accounts are Debit and which credits - 4:34
ADEX LER (secret accounting method to remember) - 6:23
Accounting Debit / Credit example: 6:41
Debit and Credit in Banking (Debit Card) - 8:00
★ My Online Excel Courses ► https://www.xelplus.com/courses/
✉ Subscribe & get my TOP 10 Excel formulas e-book for free
https://www.xelplus.com/free-ebook/
EXCEL RESOURCES I Recommend: https://www.xelplus.com/resources/
Get Office 365: https://microsoft.msafflnk.net/15OEg
Microsoft Surface: https://microsoft.msafflnk.net/c/1327040/451518/7593
GEAR
Camera: https://amzn.to/2FLiFho
Screen recorder: http://techsmith.pxf.io/c/1252781/347799/5161
Microphone: https://amzn.to/2DVKstA
Lights: http://amzn.to/2eJKg1U
More resources on my Amazon page: https://www.amazon.com/shop/leilagharani
Let’s connect on social:
Instagram: https://www.instagram.com/lgharani
Twitter: https://twitter.com/leilagharani
LinkedIn: https://at.linkedin.com/in/leilagharani
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 #MsExcel #Excel #LeilaGharani
-
21:03
MYLUNCHBREAK CHANNEL PAGE
19 hours agoOld World Minnesota?
41.9K24 -
5:49:05
Akademiks
1 day agoDrake Next Move - Whats next?? Did Lil Baby Listen to Me? Diddy and Family Preparing for Indictment?
98.9K50 -
1:56:06
TimcastIRL
1 day agoTrump Raises RECORD $52.8 MILLION In One Day, Bonus Uncensored Show w/Laura Loomer | Timcast IRL
115K640 -
23:19
Scammer Payback
4 days agoWe Created the First Ever 𝗔𝗡𝗧𝗜-𝗦𝗖𝗔𝗠 Call Center
224K266 -
1:11:09
LFA TV
1 day agoTRUMP GUILTY…OF LOVING AMERICA! Ft. Hayley Caronia & Vish Burra | LAST CALL 6.1.24 8PM EST
84.3K46 -
1:02:02
The Kirk Minihane Show
19 hours ago420 Show
58.9K2 -
1:06:35
Patriots With Grit
17 hours agoSpeaking Up, Pushing Back | Daniel McGirr
53.2K15 -
56:19
Total Horse Channel
3 days ago2024 Buckeye Reining Series | Saturday Night | 7:30 pm EST
59.1K4 -
1:15:38
Steve-O's Wild Ride! Podcast
3 days ago $0.22 earnedG Eazy Opens Up About Falling Off - Wild Ride #217
64.7K14 -
18:44
We Profit with Stock Curry
6 days agoUltimate Advice for Teens & Young Adults
70K17