Acct. Oct 15
Published on Nov 22, 2015
No Description
MORE DECKS TO EXPLORE
PRESENTATION OUTLINE
not yet at least...
a lot of room for improvement!
For each type of account, record increases on its beginning value side and decreases on the other side.
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If an asset begins on the debit side, and you increase funds, it stays debit. If you decrease funds, it becomes a credit.
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If a liability begins on the credit side, and you increase funds, it stays as a credit. If you decrease funds, it becomes a debit.
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key skill here is analyzing transactions
read scenarios carefully and figure out if it's a credit or debit
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Example
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info stored in each account
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dollar value of account and indication
of whether the value of account is debit or credit
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add two sides separately
sub totals are called 'pin totals' or 'pencil footings'
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subtract smaller total from larger total
write and circle number on the larger side - the dollar value of acct
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Situations where switches can happen
- You overpay an account payable
- Customer with no account balance returns a product for credit
- You return goods for credit to supplier with whom you have no acct balance
bank accounts
great because they're convenient - no ones wants to manually pay people
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buying/selling on credit
if you have a good reputation, you can delay payment (usually a month)
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