Electric Mid&Hi Fired Ceramics
Potters & Sculptors - Making Rock from Mud
Bev Haas' Bookkeeping Work space
Just setting up my workspace--I think. When we start the group in a couple of weeks, do we have any idea of what days/times we will work together as a group?
Replies to This Discussion
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Permalink Reply by Beverly Beu Haas on
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I'm here and I did my homework!
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Permalink Reply by George Lewter on
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Good for you! Did you learn anything?
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I think so. The tests were kind of fun but I'm reviewing the equation examples (and definitions) since I missed a lot of those for some reason.
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(from lesson 1) Debit-
- An entry in the financial books of a firm that increases an asset, draw or an expense or an entry that decreases a liability, owner's equity (capital) or income.
The "increases an asset" or "decreases a liability" doesn't make sense to me here. I thought that a debit would decrease an asset or increase a liability. What am I missing?
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I was wondering when this question would come up, because it always does. It's hard to get your head around. The designation of debit or credit does not really have much in the way of logic when considered alone. But in a double entry system, a transaction line must have balancing credits and debits. So the designations are set up to maintain balance across the accounting equation. If I debit (increase) cash on the left side of the equation, what can I credit (and increase) on the right side? Not drawing, not expenses, but I can credit owners equity or liabilities and maintain balance.
If I debit (decrease) equity, then I must credit (and decrease) assets on the left side of the equation, or credit (and increase) draws, or expenses on the right.
The easiest thing to do is to just memorize the debit sentence you pasted in above and the matching credit sentence, and don't think about them too hard. :-)
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Thanks George! That is starting to make sense. Thank you so much for your kind explanation and for all you are doing here!!!
I'm still getting a handle on this whole site, too. I just now saw this reply. For some reason, I thought I would get an email (probably too much time on facebook! ha ha). I'm never sure if I'm seeing all the recent activity on the wall and/or discussion board and/or if I'm supposed to be checking somewhere else, too. Oh well. Practice will make it much easier I'm sure. I just did the group problem. I hope I didn't mess it up too badly. It looked like everything would go in the assets, liabilities, or capital column, and the left side total was the same as the right side total. We'll see ;-) Chat with y'all at Noon EDT...Bev -
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