PROPERLY Record Debits and Credits with Examples (EASIEST Method)

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

🚩Let’s connect on social:

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#Accounting

[ojayherbert]

This is best and simplest lecture i’ve ever seen on recording debits and credits. Thank you fo much

[nikopriest]

The DEALER method is easier to remember.

Dividends
Expenses
Assets
Liability
Equity
Revenue

[nitinrajeev]

This is one of those channels I'm so glad that I found!

[robertadafallon]

Thank you for connecting the dots so easily for me!!! Clear and concise presentation.

[julietlawson]

You are such a great teacher! Thank you so much for simplifying this!

[mariatlopezleguizamo]

Oh my God! You are fantastic! Thank you so much for sharing your knowledge in such an easy way for us old folks. Blessings

[JTBooks]

One of the best explanations of COGS i've come across. This cleared it up so much. Thanks!

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

[kevwu]

Amazing explanation Leila, you've just helped me understand a lot of accounting concepts that I'd struggled to understand my entire life :)

[irynag]

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!

[seymourtompkins]

Such a wonderfully clear and visually engaging presentation (such fine graphics). You have a great production crew !

[munizahir]

Thank you Leila for the amazing explanation. I think now I can say that I can pass the accounting course confidently.

[MahmoodSuhail]

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..

[peternganga]

Thanks Leila. These are explanations that I missed in my introduction to accounting. Nice one there. Thanks.

[allengrant]

Thanks once again Leila. So clear and concise.

[JettingChen]

@Leila every time I get stuck in something, it’s always your content that helps push me forward. Used to be only for Excel matters, now Accounting as well. You rock!

[abeazar]

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

[adiscomputerschool]

Very nice approach. I spent four years in university studying for this course. Now I have amazing knowledge in 15 minutes. thank you!

[bunnakornsomprasert]

Thank you Leila. These help me a lot to explain to beginner.

[jaylauna]

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!