https://www.youtube .com/watch?v=affr4RTWSX8
This is the 3rd video in my free online bookkeeping course. This course teaches the basics of double entry bookkeeping. This video covers double entry – debits and credits. Next Video: https://youtu.be/ivrHlW7XsUU 30 day FREE trial for Sage Business Cloud Accounting – http://sage.qumg.net/AVy3J – NO card needed Facebook – https://goo.gl/mNuaaW Twitter – https://goo.gl/Y8JjE8 Instagram – https://goo.gl/cPps5K Many more FREE videos and courses at www.freebookkeepingaccounting.com The ULTIMATE bookkeeping and accounting course – https://goo.gl/bstcB3
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So regarding assets n liabilities. If company buy company car with a loan do I log value asset n the outstanding loan amount as a liability
That is correct – Debit Asset, Credit Liability. I hope this helps
I am really Thanks to you for 😊🙃 your clearly understanding spiking just the perfect teacher and I’m the one of likest person to find your lessons about book keeping
Wow, thank you! Thanks for watching
Ok my question is where are you getting the account names? In the first example the transaction was called capital introduced then in the credit side you put capital. Do you just make up names?
Capital introduced and capital are the same accounts. Thanks for watching
@BookkeepingMaster I am strongly considering taking your full course, what does the 65.00 in euros equal in American cash? and the total cost of the course? It looks like euros are 1.0882 per cash dollar, just need to make sure.
Thank you …… many many times!
Thanks for the comment
Thankyou for offering this. I am currently studying via online learning. Amd am totally lost and confused with it. Your explanations are so much simpler
So an expense like insurance is a debit because you get protection in return? Or what is the reason? Sorry, I’m recently taking classes
Hi. Insurance would be an expense, so debit. I hope this helps. Thanks for watching.
Learning here.. Thank you for your videos.
Glad to hear that!
I struggle with the Debit and Credit. I can’t help comparing it to using the literal translation. Why is Sales a Credit. (Credit defined as :leaving the account.) I would think that Sales is a Debit = money coming into the account. FYI…Enjoying the video. Thanks.
Hi. Yes, the sale coming into the bank is a debit, but that is just one side of the transaction. The actual posting of the sale is a credit – debit the bank, credit sales. Thanks for watching.
I very much love your courses
Glad you like them! Thanks for watching.
Can equity be thought of as capital as well, or is equity different? If different, what makes it different?
Capital is equity. Thanks for watching.
Thank you very much for the explanation very easy to follow. Really appreciate it. New subbie 🙂
Awesome, thank you!
Aren’t revenue and sales the same thing?
Is your web site still active?
Debit = Money In, Credit = Money Out so if you follow this rule than the accounts will be correct.
I understood credit to be an asset and debit to be a liability. Credit adding to the account as in a sale or deposit. Debit paying a bill. Is this incorrect???