Premium Only Content

Debits and Credits MADE EASY with ADEx LER
26 November 2019 Unleash your inner Financial Pro
Get Access to My Course "Fundamentals of Financial Analysis" HERE: https://www.xelplus.com/course/learn-financial-analysis/
Finally understand Debits and Credits and remember it easily with our secret weapon: ADEx LER (6:23)
There is a simple rule to understanding debits and credits. By the end of this tutorial you will understand the difference between debits and credits in accounting. You will have your cheat sheet to refer to when it comes to understanding whether a transaction needs to be debited or credited.
You will also understand debit and credit in banking and why banks use the terminology that seems confusing: debit card and credit card. You'll understand how that fits with our debit and credit examples.
Overview:
Debits and Credits are a fundamental part in accounting. Debits and Credits affect accounts differently depending on the type of account. To memorize the rules easily just remember: Accountants Don't Expect Low Earning Rates.
Debits and Credits always go together. Every transaction will have Debits and Credits and at least two accounts will be affected. If one account is debited then another one must be credited. Just think of it like a bank transfer. When you send someone money it comes out of your bank account and goes into their account.
The process of recording transactions with debits and credits is referred to as double-entry accounting, because there are ALWAYS at least two accounts involved. There can be more than 2 accounts involved in one transaction but never less than 2. We call this a flow of economic benefit from a source to a destination.
Assets, Dividends, and Expenses are Debits. The balance of these accounts increases with debits and decrease with credits.
Liabilities, Equity, and Revenues are Credits. The balance of these accounts increases with credits and decrease with debits.
Chapters:
T-Account Basics - 00:53
Rule #1 in Accounting - 1:08
Rule #2 in Accounting - 1:25
Balance of a T-Account - 2:04
Rule #3 in Accounting - 4:10
Which accounts are Debit and which credits - 4:34
ADEX LER (secret accounting method to remember) - 6:23
Accounting Debit / Credit example: 6:41
Debit and Credit in Banking (Debit Card) - 8:00
★ My Online Excel Courses ► https://www.xelplus.com/courses/
✉ Subscribe & get my TOP 10 Excel formulas e-book for free
https://www.xelplus.com/free-ebook/
EXCEL RESOURCES I Recommend: https://www.xelplus.com/resources/
Get Office 365: https://microsoft.msafflnk.net/15OEg
Microsoft Surface: https://microsoft.msafflnk.net/c/1327040/451518/7593
GEAR
Camera: https://amzn.to/2FLiFho
Screen recorder: http://techsmith.pxf.io/c/1252781/347799/5161
Microphone: https://amzn.to/2DVKstA
Lights: http://amzn.to/2eJKg1U
More resources on my Amazon page: https://www.amazon.com/shop/leilagharani
Let’s connect on social:
Instagram: https://www.instagram.com/lgharani
Twitter: https://twitter.com/leilagharani
LinkedIn: https://at.linkedin.com/in/leilagharani
Note: This description contains affiliate links, which means at no additional cost to you, we will receive a small commission if you make a purchase using the links. This helps support the channel and allows us to continue to make videos like this. Thank you for your support!
#Accounting #MsExcel #Excel #LeilaGharani
-
2:03:51
TimcastIRL
3 hours agoTrans Minneapolis Shooter BLAMED Massacre On Mom & Gender Transition | Timcast IRL
140K123 -
LIVE
Man in America
9 hours agoIT DOESN'T ADD UP: The Trans Shooter's Story Is FULL of Holes
1,419 watching -
LIVE
StevieTLIVE
2 hours agoFriday Night Warzone HYPE
224 watching -
LIVE
SynthTrax & DJ Cheezus Livestreams
1 day agoFriday Night Synthwave 80s 90s Electronica and more DJ MIX Livestream Michael Jackson / AI Art Compilation Edition
239 watching -
1:03:57
Sarah Westall
2 hours agoMara Lago Accord Joins the Fed, Fed Waves the White Flag & more w/ Andy Schectman
4.83K -
LIVE
I_Came_With_Fire_Podcast
1 day ago*BREAKING* Special Guest Katarina Szulc
144 watching -
LIVE
megimu32
2 hours agoOFF THE SUBJECT: FAFO Friday! Bodycams & Mario Kart Mayhem!
92 watching -
DVR
Flyover Conservatives
21 hours ago4 Strategies to Create Opportunity from Nothing - Clay Clark | FOC Show
12.3K -
1:49
Gaming on Rumble
8 hours agoWhat is the Rumble Creator Program!?!? (Active Premium Creators) | Lvl UP
18.4K2 -
LIVE
Midnight In The Mountains
5 hours agoGaming w/ PER·SE·VER·ANCE | Midnights Play Fortnite | Split Screen Action!
74 watching