Category: Bookkeeping – Introduction and Basic Understanding
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Bookkeeping – Debits and Credits in Expense Accounts (Lesson 8)
Expense types of accounts are the easiest to understand in bookkeeping. In general only debits are entered in expense types of accounts.
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Bookkeeping – Debits and Credits in Cost of Sales Accounts (Lesson 7)
The Purchases Journal keeps track of the entries related to the cost of sales (cost of goods sold) accounts.
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Bookkeeping – Debits and Credits in Revenue Accounts (Lesson 6)
Revenue accounts are the most fun to watch as a bookkeeper. Revenue is the lifeblood for success. Without revenue, the company is doomed to go bankrupt.
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Bookkeeping – Debits and Credits in Liability Accounts (Lesson 5)
Whenever a business commits to purchase time or product and that employee delivers their time or the supplier delivers the product, you owe them money. This is a liability.
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Bookkeeping – Debits and Credits in Asset Accounts (Lesson 4)
Debits and credits are two words that are the most recognized terms synonymous to bookkeeping and accounting.
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Bookkeeping – Ledgers and Journals (Lesson 3)
In order to understand how an entry is made to the books of record, the bookkeeper needs to understand the difference between a journal and a ledger as they pertain to bookkeeping.
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Bookkeeping – Dual Entry System (Lesson 2)
In accounting the term dual entry is used often. Other names include Double Entry and Offsetting Entry.
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Bookkeeping – Account Types (Lesson 1)
To fully grasp the concept of accounting a bookkeeper must accept that there are six (6) different types of accounts. All the reports, ledgers, journals and entries revolve around these six types of accounts.