PROPERLY Record Debits and Credits with Examples (EASIEST Method)
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- čas přidán 29. 06. 2024
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In this video, we take a deep dive into the world of debits and credits, turning theory into practice! Ideal for anyone keen to understand the real-life application of accounting principles.
🔍 What's Inside:
▪️ T-Accounts & Journal Entries: We start with the basics of T-accounts and then progress to journal entries, making the process easy to understand.
▪️ Real-Life Examples: Follow along as we record transactions for Claudio’s Italian beach business, offering a practical perspective.
▪️ Detailed Steps: From analyzing which accounts are affected to determining whether they go up or down, each step is clearly explained.
▪️ Accounting Concepts Simplified: Complex concepts like "Cost of Goods Sold" (COGS) and different inventory valuation methods are broken down for ease of understanding.
▪️ Visual Illustrations: We use T-accounts to visualize transactions, helping you grasp the concepts more effectively.
Use our secret weapon ADEx LER (Accountants Don't Expect Low Earning Rates) to apply Debits and Credits to actual transactions of a business.
00:00 Debits and Credits Practice Problems and Solutions
01:22 How to write and record debits and credits?
02:09 Owner putting Equity in company
05:42 Buying Inventory with Cash
07:20 Recording Sales
10:03 Recording COGS
11:00 Is Expense a debit or credit?
12:02 Summary of Transactions
13:15 Income Statement
13:35 Balance Sheet
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#Accounting
Get access to the complete "Fundamentals of Financial Analysis" course here 👉 www.xelplus.com/course/learn-financial-analysis/
This is best and simplest lecture i’ve ever seen on recording debits and credits. Thank you fo much
Thank you so much, i have been struggling with these for so so long, i have also watched a ton of videos online but still can not understand anything until i find your video. It helps a lot and for the first time in my life i can understand how the transaction works. You're such a great teacher
Great to hear!
I’m so impressed too! Thank you 🙏
I couldn’t agree more! I have been trying to understand this for far too long. I cannot thank you enough!!! 🙏🏼
This is one of those channels I'm so glad that I found!
Thank you for connecting the dots so easily for me!!! Clear and concise presentation.
Oh my God! You are fantastic! Thank you so much for sharing your knowledge in such an easy way for us old folks. Blessings
Amazing explanation Leila, you've just helped me understand a lot of accounting concepts that I'd struggled to understand my entire life :)
As a practicing CPA and a person who attempts to teach accounting to small groups of Payroll Professionals in about a half an hour once a year, I plan to use your examples next time I teach. Thanks for a precise and concise accounting lesson. Abe Azar
Thanks Abe. I hope the examples will be useful.
Nice
Thanks
One of the best explanations of COGS i've come across. This cleared it up so much. Thanks!
You are such a great teacher! Thank you so much for simplifying this!
Thank you so much! I'm impressed. Please, post more and more and more videos ;) about accounting and bookkeeping. I really like your manner of speaking and structure of the lessons!
We'll definitely post more next year. Glad you like the videos.
Such a wonderfully clear and visually engaging presentation (such fine graphics). You have a great production crew !
Thank you! We are doing our best :)
Thank you Leila for the amazing explanation. I think now I can say that I can pass the accounting course confidently.
Thanks once again Leila. So clear and concise.
With every video I watch of yours, my credit of admiration towards you increases and that throws my equation out of balance because you're adding more and more equity to our knowledge! Thanks for the amazing job! Keep up the great work..
Wow, thank you!
Every time you lowered the brightness of the background I thought my battery was dying! Really appreciate the good explanation.
Thanks Leila. These are explanations that I missed in my introduction to accounting. Nice one there. Thanks.
Glad you like it Peter.
Thank you Leila. These help me a lot to explain to beginner.
This was genuinely absolutely brilliant
Very nice approach. I spent four years in university studying for this course. Now I have amazing knowledge in 15 minutes. thank you!
This playlist is pure gold
Simple and wonderful. Thank you!
Thank you very much. Haven’t done journal entries since I was at uni.
Thank you so much!!! My questions were cleared because of your video.
You're a great teacher finally I understand now I've been struggling on journal entry
Now u know on journal entry. Always remember double entry debit and credit are always equal.
Leila you are absolutely amazing! Thank you.
Watched both videos, this one's great simplified version of understanding Debit and Credit Entry and how it is fed into the P&L and Balance Sheet. You are awesome!
Glad it was helpful!
you make soooo much sense, thank you so much! you're a superstar
Omg,thank you so much this is so incredible and detail
wow - I find myself going back and re-watching - I will understand this one day. thks Leila
Took me a long time too John :)
Thanks! You made things easier.
Very good explication and easy to understand. Thank you.
ADEX LER is probably the most helpful thing I’ve ever seen! Thank you
Our pleasure! I'm glad it's helpful for you.
Thank you for posting. I have been suggested to a few other Accounting CZcams channels which yours is in the list, by another CZcams channel The Accounting Struggle. I will take a look at your videos.
Thank you ,finally could comprehend a topic at least a little.
I wish my professor would teach in the same way :(
Thank you so much, I finally understand.
Glad it helped, Samuel!
Your explanation is so on point 👌
Your just awesome teacher
I have so much of respect on you after watching this vedio.
Thanks a lot
@LeilaGharani ....so after this vid and your vid "Debits and Credits MADE EASY with ADEx LER", I've come to terms with the fact that for now I just have to accept which accounts are debit accts and which are credit accts, memorize it, and move on, but I'm not satisfied. I'm trying to wrap my head around what makes each particular account a debit or credit acct, and how that relates to the basic accounting equation, and I have a feeling I'm in for an epiphany....don't worry, I'll keep you updated 😄Your channel has been really helpful so far, btw. My background is technical electronics, my degree is computer science, but somehow I ended up keeping the books for my Mom's real estate brokerage! Agggghhhhhh!!!! I have to learn accounting and bookkeeping!!! Thanks for your hard work!
Thanks a lot Leila. You're doing great job. Great video tutorial and your explanation is fantastic.
Thank you! Glad you like it.
Very interesting . It helping me a lot. Accounting made easy for me
The DEALER method is easier to remember.
Dividends
Expenses
Assets
Liability
Equity
Revenue
I still had a lot to learn thank you so much
Really nice and clear..thanks for your time and effort leila!
You're welcome 😊
You saved me, I was lost but I understand so much better now! Thank you 😊
Glad to help Shawnie :)
Very helpful - thank you greatly!
"Accountants don't expect low earning rates" is so neat! 😁
There are different variations out there but this one just made it stick for me :)
Wow..the best video in its own subject I have ever seen...cheers
Thanks for the kind feedback!
very good Leila - highly helpful - its basic math, but putting them into these swinging accounts is a learning process. .... But I have great news for you, since the time I have started watching your videos, I have become a majnoon - thanks for your help.
I’m an Brazilian accountant, it’s really easy to learn with your videos. You have to understand the basis very well to understand the advance accounting. It’s really nice your way to explain. Congrats.
Glad you like it Rodrigo. And it's so true. Once you understand the basics everything else falls in place much easier later.
Thank you for the clearly presented information. I will share this video with my classmates.
Glad you like it Karen.
Thank you so much for this video! It explains things so clearly and I understand much better thanks to it 😊
Glad it was helpful!
What a great explanation. Thank you so much.
You're very welcome!
Excellent video, made it seem so easy! Thanks
Glad you liked it, Olivia!
Thank you so much for the most valuable information you have have clearly explained .
You are very welcome
this is the best and easiest tutorial to understand on the web. Nice job. thanks
Glad you think so!
Hello Leila could you make two separate videos on how accounts payable and receivable works and your explanation is crystal clear I have never understood the concept in my bachelor's degree..thanks
Thank you very much, i have managed to created an accounting system using your videos
Madam thanks for your most informative vedio. Eagerly waiting for your next vedio on automatically transfer (posting) General entries to ledgers.
great lesson ....................thank u leila
Awesome as always. Thanks a lot Leila
My pleasure. Glad you like it.
The missing dots have been found and connected, and I have regained my confident to come back to school after 45 years on the pursue of living career! Appreciate your teaching! Apprezzo il tuo insegnamento, signora Leila.
thank you very mucchhh!!! this was an amazing explanaition!
You're very welcome!
Beautiful. Thanks for this video
U are doing such a great job thank u so much Ms. Leila
My pleasure Ismail. Hope it's helpful.
Oh my goodness...i think you are saving my life. I'm taking a college accounting course (working on acct degree) and I was SO confused!!
I checked out to other people before you and I was still confused after watching several of their videos. This is really helping a lot and putting it into terms and a way that I can understand. I really appreciate that immensely. I was getting nervous I wasn't going to be able to grasp it. ❤🙌
I'm so glad! Good luck with the course.
best channel in youtube! only starting to understand these after watching your video, thanks!
Happy to hear that!
great video, keep it up!!!!!
Hi Leila.. thanks for the video.. very interesting and entertaining presentation. Thanks for expanding my knowledge base! Thumbs up!!
Thank you Wayne!
Brilliant, simple, easy to understand. Thank you so much Leila. You really are an amazingly beautiful person and a fantastic whizz with all your videos.
Thank you so much!
Debit-Credit simplified
New LG style
Thnx
Keep it up
Thank you! More to come. Stay tuned :)
it was so nice of you i love that your teaching so in easily way i really enjoy from your video
Thank you! 😃
Excellent work thanks
Thank God I found u before enrolling at least I can learn more here
"Thank GOD", and thank you very much for your sharing support and time 😉 You and your videos are REALLY good 👌
Glad you like them!
One of the best way to learn accounting.. Hats off
Glad you like it!
This simple easy to understand will be my giuide from journal entry t-acct balance sheet income statement. Hope the example is complete when it write it down the transactions. Thanks
Thank you so much Leila
Illustrations like these are rare in the Accounting world, I mean SERIOUSLY 🧐‼️
JUST EXCELLENT, NOTHING ELSE NEEDS TO BE SAID
Thanks maam.i am in Kerala.l well understand your class.al the best.
Nicely done.
Thanks Leila. The first 80% was explained well in detail. I hope you will expand upon the income stat and balance sheet portion on more detail in upcoming videos. Well done...
And also trial balance.
Just because of you I am able to do it. Thanks a lot.
Glad to hear that
You are talented keep it up. Thanks
Thank you so much😭 Im really getting a hard time understanding my course right now... But after watching ypur videos and discussion it is more easier and lighter for me😊😊😊😊
Happy to help!
So, so helpful. Thank you.
You're so welcome, Whitney!
i literally logged off my zoom accounting lecture angry and frustrated and confused. after watching just two of your videos, i am already grasping the concepts that i was really struggling with. thank you thank you thank you!
Great to hear, Hanna!
SAAAAAAAAAMMMMMEEEEEEE!!!
Your pace of explanation is awesome. Must say the very BEST!!!
Thanks a lot 😊
You got it. Delivery at right pace is very key for successful learning. This tutorial was spot on. Is there a email where I can discuss in more details about this with you?
The very best. Thank you.
It is a great educational video. Thank you very much. May Allah prize you for your efforts 🙏
YOU'RE AMAZING. MAY GOD BLESS YOU ABUNDANTLY! 😇🙏🏼
best channel till date
Very well-done video easy to follow and would recommend your videos to help get to know accounting before on takes a course.
Awesome, thank you!
Thanks for sharing this valuable content.
My pleasure!
Very good video, thank you!
You are most welcome!
Thanks for sharing im learn a lot. Basic accounting. Thanks. Il take down notes.
Excellent!
This is so helpful wow
Liked Ur Way Of Teaching 💥 Love From India 🇮🇳
nice, nice, nice, excellent,perfect work