Credits and Debits Lecture

Credits and Debits Lecture - Additional Lecture Materials...

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Additional Lecture Materials – Debits and Credits This week’s lesson definitely exemplifies that the devil is in the details. It is the little details that make accounting difficult, and this week we get into some of the most important details in accounting. If you do not grasp these, you will not be successful in accounting. To get started, forget everything you ever thought of when you heard the words debit, credit , assets, liabilities , and equity . We are going to start over and learn them the accounting way. Are you ready? Okay, here we go. Let us first start with the accounting equation: Assets = Liabilities + Equities Your etext provides definitions for assets , liabilities , and equities - write those down. In addition, write down the different accounts that the text tells you are included in each section. Create a three-column paper with headings for each section and put the corresponding accounts underneath so you can see them. Think about why it makes sense for each account to be in each section. If an account does not make sense, go
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Credits and Debits Lecture - Additional Lecture Materials...

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