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This week we will focus on steps 1 Analyzing business transactions, Step 2 Journalizing the transactions and Step 3 Posting Entries to general ledger accounts. We will start by learning about debits and credits.
As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each account should be active for accumulation of costs, revenues, and expenses.
T accounts help us to visualize increases and decreases for an account. The left side of any account is always called the debit side and the right side of any account is always called the credit. We must determine the type of account before associating plus or minus.
What do you think of when you hear the word debit? What do you think of when you hear the word credit?
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