Debit – Business Administration

Bookkeeping – Debits and Credits with Parenthesis on the Balance Sheet (Lesson 13)

Sep 12, 2015

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in Bookkeeping – Introduction and Basic Understanding

Contra information is always reported in parenthesis. Other financial information is also reported using parenthesis with the two primary financial statements. This lesson explains parenthesis in balance sheet accounts.

Bookkeeping – Contra Accounts (Lesson 12)

Aug 27, 2015

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David J Hoare MSA

in Bookkeeping – Introduction and Basic Understanding

Contra accounts are utilized to help present clearer information to readers of financial reports. They are used to improve the decision model.

Bookkeeping – Chart of Accounts (Lesson 11)

Aug 22, 2015

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David J Hoare MSA

in Bookkeeping – Introduction and Basic Understanding

To properly create a set of ledgers there must be a list of accounts. This list is referred to as the ‘Chart of Accounts’ or for shorthand – COA.

Bookkeeping – Debits and Credits in Equity Accounts (Lesson 10)

Aug 21, 2015

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David J Hoare MSA

in Bookkeeping – Introduction and Basic Understanding

The equity section of the balance sheet identifies the approximate dollar value of net worth accrued to the owners/investors. Equity accounts can have both credit and debit balances.

Bookkeeping – Financial Statement Relationships (Lesson 9)

Aug 20, 2015

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David J Hoare MSA

in Bookkeeping – Introduction and Basic Understanding

The financial statement reports illustrate changes in the businesses’ financial condition over time.

Bookkeeping – Debits and Credits in Expense Accounts (Lesson 8)

Aug 19, 2015

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David J Hoare MSA

in Bookkeeping – Introduction and Basic Understanding

Expense types of accounts are the easiest to understand in bookkeeping. In general only debits are entered in expense types of accounts.

Bookkeeping – Debits and Credits in Cost of Sales Accounts (Lesson 7)

Aug 16, 2015

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David J Hoare MSA

in Bookkeeping – Introduction and Basic Understanding

The Purchases Journal keeps track of the entries related to the cost of sales (cost of goods sold) accounts.

Bookkeeping – Debits and Credits in Revenue Accounts (Lesson 6)

Aug 11, 2015

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David J Hoare MSA

in Bookkeeping – Introduction and Basic Understanding

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.

Bookkeeping – Debits and Credits in Liability Accounts (Lesson 5)

Aug 4, 2015

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David J Hoare MSA

in Bookkeeping – Introduction and Basic Understanding

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.

Bookkeeping – Debits and Credits in Asset Accounts (Lesson 4)

Aug 3, 2015

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by

David J Hoare MSA

in Bookkeeping – Introduction and Basic Understanding

Debits and credits are two words that are the most recognized terms synonymous to bookkeeping and accounting.

Tag: Debit