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Accounting Debits and Credits

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My first post
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This blog has side effects. Please read with caution.

Known Side Effects:
1. Happyness
2. Joy
3. Peace

A beginner’s guide to understanding the difference between a debit and a credit in accounts.


DEBITS AND CREDITS
Memorize this rule – it is a strict rule throughout your accounting activities – it will never change!
Debit the receiver(the account that receives the benefit)
Credit the Giver(the account that is giving the benefit)
FOR EVERY DEBIT ENTRY YOU MUST TO A CORRESPONDING CREDIT ENTRY and vice visa. i.e every time you record a debit, somewhere else you must record a credit or vice versa.
Accounting is a double entry AT ALL TIMES!

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Comments

  1. Vanash Naick's Avatar
    Some really good side effects! I could use a dose of this on a regular basis! I'm looking forward to importing a lot of accountancy knowledge from you!
  2. vieome's Avatar
    No problem thanks for reading