Home Money Personal Finance New debit card, credit card rules from today: 10 things to know Let's take a look at RBI's new guidelines for credit, debit cards effective tomorrow. The #1 financial literacy curriculum used by 30,000 teachers reaching over 2 million students. Free personal finance activities and lesson plans for middle and high schools, plus daily professional development for teachers - also free. A customer buy something of worth 1000 but gives me 500 what is debit and credit Your cash (asset) goes up by $500 (Debit), your debtors (asset) goes up by $500, your inventory (asset) goes down by $500 (Credit), your Sales revenue (income) goes up by $500 (credit).
Money pro personal finance budget bills 1 8 2. Step 1: Pick ONE account that is affected by this transaction
Step 2: Is this account you picked in Step 1 INCREASING or DECREASING?
1.3.2: Debit and Credit Bookkeeping II. Master the technical skills needed to analyze financial statements and disclosures for use in financial analysis, and learn how accounting standards and managerial incentives affect the financial reporting process. By the end of this course, you’ll be able to read the three most common financial.
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Step 3: What type of account is this?
CHOICES
Assets – something that has future economic benefit – Cash, Accounts Receivable, Inventory, Prepaid Insurance, Equipment, etc.
Liabilities – a debt owed to others – Accounts Payable, Unearned Revenue, Notes Payable, Bonds Payable, Long-term Mortgage Payable
Equity – Common Stock, Retained Earnings
Revenues – Sales Revenue, Service Revenue, Sales
Expenses – Cost of Goods Sold, Salaries Expense, Insurance Expense
Dividends – these are dividends that the company has declared and has, or will, pay to its stockholders
Step 4: Combine your answer from Step 2 and Step 3 to find whether you DEBIT or CREDIT the account you identified in Step 1 Live desktop 8 0 download.
Type of account
How to INCREASE
How to DECREASE
Assets
Debit
Credit
Liabilities
Credit
Debit
Equity
Credit
Debit
Revenues
Credit
Debit
Expenses
Debit
Credit
Dividends
Debit
Credit
Debit & Credit Personal Finance Manager 2 3 15
Terragen 4 3 23 mm. Repeat Steps 1 through 4 for the OTHER account in this transaction
Debit & Credit Personal Finance Manager 2 3 18
Remember:
Total debits in a journal entry (transaction) must equal the total credits in that transaction
You need at least one debit and one credit for every journal entry