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Replying to @April Mills debits and credits are the fundamental building blocks of accounting and one of the most important topics we cover in intro accounting. The key here is that most people initially think that debits and credits mean something they don’t. All that debit means is “left” and credit means “right”. How they affect specific accounts depends on the account TYPE (asset, liability, equity, revenue, expense). Once you are able to classify accounts by their types I think it should he
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Debits vs Credits Cheat Sheet 📚 Grab my FREE accounting infographic ebook: (link in bio) If you want to undersatnd accounting, you must know debits and credits work. Here's a simplified breakdown: Account Types and Their Normal Balances: 💰 Assets: Debit (Increased by Debit, Decreased by Credit) 💸 Expenses: Debit (Increased by Debit, Decreased by Credit) 📈 Dividend: Debit (Increased by Debit, Decreased by Credit) 📉 Losses: Debit (Increased by Debit, Decreased by Credit) 📊 Liabilities: Credi
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