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Understanding Debits and Credits in Accounting: Key Concepts and Transactions

Dive into the foundational concepts of debits and credits in accounting. This chapter covers the T-Account structure, including the sides where debits and credits are recorded. Learn how debits increase asset accounts and which transactions impact your financial statements. Explore specific scenarios, such as purchasing supplies on account or common stock transactions, and understand how they affect your accounts receivable, accounts payable, and owner’s equity. Enhance your accounting skills and knowledge through engaging practice questions and supportive feedback.

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Understanding Debits and Credits in Accounting: Key Concepts and Transactions

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Presentation Transcript

  1. Accounting Review Chapter 4 Click only on UNDERLINED words Click to begin

  2. Choose Your Topic • Debits • Credits

  3. Debits are on what side of the T-Account? • Left • Right

  4. What side to Debits increase on? • Right or credit side • Left or debit side

  5. Which statement is true about Debit/Asset accounts? • All asset accounts have a debit increase side • You can only have 3 asset accounts • Not all asset accounts have a debit increase side • You always add to asset accounts

  6. What do debits increase? • Common Stock • Assets • Liabilities • Owner’s Equity

  7. Which account is not a debit increase account? • Accounts Payable • Accounts Receivable • Land • Expenses

  8. If you bought supplies on account what would the transaction look like? • Decrease to supplies, increase to accounts payable • Increase to supplies, increase to accounts payable • Decrease to supplies, decrease to accounts payable • Increase to supplies, decrease to accounts payable

  9. What is the Credit side of the T-Account? • Left • Right

  10. What side do credits increase on? • Right or credit side • Left or debit side

  11. What do credits decrease? • Assets • Retained Earnings • Liabilities • Common Stock

  12. Which account is not a credit decrease account? • Supplies • Accounts Receivable • Retained Earnings • Land

  13. If you bought Common Stock for cash what would the transaction be? • Decrease to common stock, decrease to cash • Increase to common stock, decrease to cash • Increase to common stock, increase to cash • Decrease to common stock, increase to cash

  14. Section Complete • Go back and try the next lesson • Finished both lessons and go to end

  15. Try Again I know you will get it next time. Keep your head up!! Back to question

  16. OOOPS!!!!!! • Go back and try it again, I know you’ll get it right Go back to question

  17. Correct!!! Great Job!!! Keep up the good work!!! Go to next question

  18. YAY!!! • You are correct again!!!! Next Question

  19. Try Again • Go back and try it again, you can do it!!! Go Back to Question

  20. WHOOO HOOOO • Great Job!!! Keep up the good work!! Go to Next Question

  21. AWW Man • Keep at it, I know you can do it Go back to Question

  22. Awesome • You’re right again….keep on going Go to Next Question

  23. Awesome • You’re right again….keep on going Go to Next Question

  24. AWW Man • Keep at it, I know you can do it Go back to Question

  25. Try Again I know you will get it next time. Keep your head up!! Back to question

  26. OOOPS!!!!!! • Go back and try it again, I know you’ll get it right Go back to question

  27. Correct!!! Great Job!!! Keep up the good work!!! Go to next question

  28. YAY!!! • You are correct again!!!! Next Question

  29. Try Again • Go back and try it again, you can do it!!! Go Back to Question

  30. WHOOO HOOOO • Great Job!!! Keep up the good work!! Go to Next Question

  31. AWW Man • Keep at it, I know you can do it Go back to Question

  32. Awesome • You’re right again….keep on going Go to Next Question

  33. Try Again I know you will get it next time. Keep your head up!! Back to question

  34. OOOPS!!!!!! • Go back and try it again, I know you’ll get it right Go back to question

  35. Correct!!! Great Job!!! Keep up the good work!!! Go to next question

  36. YAY!!! • You are correct again!!!! Next Question

  37. Finished • Great Job • Make sure you have finished both topics if not click here • If you have any more questions make sure you ask before the test

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