Course Description
In the eighth lesson of our "Accounting 101" series, “Debits and Credits,” you will delve into the essential concepts of debits and credits, which are crucial for understanding financial statements and thinking like an accountant. This course emphasizes the importance of these foundational elements, which are vital for producing financial statements and understanding the ebb and flow of financial information. You will learn about the double-entry bookkeeping system, established by Luca Pacioli over 500 years ago, and gain the skills needed to build your own financial accounting system.
By the end of this course, you will able to answer questions such as:
• How is the double-entry bookkeeping system related to the fundamental accounting equation?
• How are revenues and expenses connected to the balance sheet through retained earnings?
• Why are debits and credits the fundamental building blocks of a financial accounting system?
The Double-Entry System
Recording Journal Entries
The Importance of Zero
Debits and Credits Part 1
Debits and Credits Part 2
Recording Entries - Financing
Debits and Credits for the Income Statement
Recording Entries - Delivering Goods to Customers
Recording Entries - Paying for SG&A Expenses
Recording Entries - Inventory
Recording Entries - Purchasing Noncurrent Assets
Recording Entries - Selling Noncurrent Assets
Recording Entries - Bad Debts
Course Review
Course Quiz
