Debits and Credits MADE EASY with ADEx LER

Dive deep into the world of accounting with our easy-to-understand guide on debits and credits! Perfect for beginners, this video demystifies these fundamental accounting concepts. Whether you're a student, a budding entrepreneur, or just curious about accounting, this video is your first step towards mastering the field.

✨What You'll Learn:
▪️ Basics of Debits and Credits: Discover how every financial transaction involves both debits and credits.
▪️ T Accounts Simplified: Learn how T accounts are used to track debits and credits in a visual format.
▪️ Balancing Act: Get to grips with balancing transactions and how debits and credits must always equal.
▪️ Impact on Account Types: Understand how different types of accounts are affected by debits and credits.

🔑 Essential Concepts:
▪️ Two Main Account Groups: Assets, Dividends, Expenses (ADE) vs. Liabilities, Equity, Revenue (LER).
▪️ Easy Mnemonic: Remember 'ADEx LER' to keep track of which accounts are debit or credit.
▪️ Debit and Credit Cards: Clear up common confusions about how these banking tools fit into accounting principles.

00:00 Easiest Way to Learn Debits & Credits
00:53 T-Account Basics
01:08 Rule #1 in Accounting
01:25 Rule #2 in Accounting
02:04 Balance of a T-Account
04:10 Rule #3 in Accounting
04:34 Which Accounts are Debits and which Credits
06:34 ADEx LER (the secret to remember)
06:41 Accounting Debit / Credit example
08:00 Debit and Credit in Banking (Debit Card)

🚩Let’s connect on social:

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#Accounting

[DillonLoomis]

Thanks! You can also remember DEALER (might be easier). D = Dividends, E = Expenses, A = Assets (all three are Debit Accounts...think dividends, debit for this grouping)...then L= Liabilities, E = Owners Equity, R = Revenue (these three are Credit Accounts)

[aggropa]

It's still confusing, but EXCELLENT video. I appreciate that you are clear, and that you admit it is confusing, rather than stating the facts as if it should naturally make sense.

[christoslefkimiotis]

being a dyslectic when I found out the "left-right" trick for debit/credit, I ended up getting a masters degree in accounting. Knowledge is useless unless is shared and explained properly so anyone can enjoy regardless of the status he is in; and you have a gift in explaining with simple words and right to the point, excellent job..

[lukerener]

Yes, THANK YOU!!!! Thank you!!!! I have studied, asked my instructor, read and re-read. Watched a million and one videos and yours is the ONLY one that made it click. Thank you so much.

[brianhayden]

I use DEAD CLIC >> Debit for Expenses, Assets, Dividends; Credit for Liabilities, Income and Capital :)

[Flipskater]

I am in business school now and I come from a non-business background/undergrad. Your videos have been very helpful in providing context into accounting, which I greatly needed to understand my current classes Thank you.

[deeapplekiwi]

Leila, you're a really good teacher! You explain it so well, I understood my first go round! Thank you!

[connyberry]

Thanks Leila for your content! I wish I was just sit in a classroom watching you :) Very composed and clear teacher

[justinfranke]

I just had my AHA moment when you explained the debit/credit card. Thank

[KanoAkademy]

Debits and credits are so important to learn the basics Accounting. Thanks for the content

[meaf]

OMG! No one has ever explained this so clearly! Thank you!

[ibrahimnabil]

I became a big fan of you, I love Excel more than anyone on the earth, thus you always inspire my passion of Excel with your perfect videos and your easy way of sending tricks, lessons and information directly to understanding centers in our brains, Thanks a lot for everything and looking forward for more amazing videos and ideas from you.

[lillyknopf]

accountants Dont EXpect Low Earning Rates! I love this hint!! Thank you!

[amandaheuer]

Your a fabulous teacher!! I went to go see if you had more videos, so, I was SUPER excited to see that you have so many!! 🤣 Bless your heart... pages and pages!! Yay! I am so greatful. Thank you for helping those of us that need this. You are definitely doing what you need to be doing. Fulfilling one of your gifts. God bless!

[rkilais]

Finally !
Someone who removes the confusion behind the logic.
An excellent excellent teacher !
Thank you

[maxmara]

After searching for countless similar topics on YouTube, it is the most straightforward and logical explanation for debit and credit in accounting. Professional, no drama expression like some YouTube production, understandable speech speed and intonation.

[pauldarthurs]

I'm glad you addressed the example of debit accounts with your bank at the end! This helped clear up the confusion, understanding that it is from the perspective of the bank.

[ganapathibalasubrahmanyam]

Wonderfully explained at the right pace. Your delivery is awesome.

[Spotted_lily_exotics]

Finally a video that I 110% understand. Thank you for being so clear!

[dotcom]

finally! someone cleared the difference of debit /credit in accounting with the debit/credit in banking. nice video. LOVE!!