Get Access to My Course "Fundamentals of Financial Analysis" here https://www.xelplus.com/course/learn-financial-analysis/

Dive deep into the world of accounting with our easy-to-understand guide on debits and credits! Perfect for beginners, this video demystifies these fundamental accounting concepts. Whether you're a student, a budding entrepreneur, or just curious about accounting, this video is your first step towards mastering the field.

⬇️ Download the practice file here: https://pages.xelplus.com/debit-credit-practice-file

What You'll Learn:
▪️ Basics of Debits and Credits: Discover how every financial transaction involves both debits and credits.
▪️ T Accounts Simplified: Learn how T accounts are used to track debits and credits in a visual format.
▪️ Balancing Act: Get to grips with balancing transactions and how debits and credits must always equal.
▪️ Impact on Account Types: Understand how different types of accounts are affected by debits and credits.

Essential Concepts:
▪️ Two Main Account Groups: Assets, Dividends, Expenses (ADE) vs. Liabilities, Equity, Revenue (LER).
▪️ Easy Mnemonic: Remember 'ADEx LER' to keep track of which accounts are debit or credit.
▪️ Debit and Credit Cards: Clear up common confusions about how these banking tools fit into accounting principles.

00:00 Easiest Way to Learn Debits & Credits
00:53 T-Account Basics
01:08 Rule #1 in Accounting
01:25 Rule #2 in Accounting
02:04 Balance of a T-Account
04:10 Rule #3 in Accounting
04:34 Which Accounts are Debits and which Credits
06:34 ADEx LER (the secret to remember)
06:41 Accounting Debit / Credit example
08:00 Debit and Credit in Banking (Debit Card)

My Online Excel Courses ► https://www.xelplus.com/courses/

️ Join this channel to get access to perks: https://www.youtube.com/channel/UCJtUOos_MwJa_Ewii-R3cJA/join

Get the Official XelPlus MERCH: https://xelplus.creator-spring.com/

Not sure which of my Excel courses fits best for you? Take the quiz: https://www.xelplus.com/course-quiz/

RESOURCES I recommend: https://www.xelplus.com/resources/

Let’s connect on social:
Instagram: https://www.instagram.com/lgharani
LinkedIn: https://www.linkedin.com/company/xelplus

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