From the course: Accounting Foundations: Bookkeeping
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Where we have been and what is next
From the course: Accounting Foundations: Bookkeeping
Where we have been and what is next
- Whew, you made it. That may not have been the easiest thing you've ever done, but by golly you made it. Feel good about that. Now you may not feel a hundred percent confident that you've mastered all the intricacies of debits and credits, but you're off to a good start. It's true that you're probably not as comfortable as I am with the topic, but keep in mind that I've been at this for three and half decades. You've just started. But hey you started. Let's review what we now know. First the accounting equation, assets equal liabilities, plus owner's equity, that must always balance, always. Second, debit means left and credit means right. That's all, debit left, credit right. Third, assets go up with debits and down with credits. For liabilities and owner's equity accounts, it's exactly the opposite. They go up with credits and down with debits. Fourth, journal entries are the building blocks of financial statements. Fifth, with each journal entry debits must always equal credits…
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