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What is Understanding Debits and Credits about?

This document provides a refresher on debits and credits for journal entries. It explains that debits are on the left side of a T account and credits are on the right side. Debits and credits do not mean increases or decreases, respectively. The document then provides examples of how to record common journal entries by determining which accounts are impacted and whether a debit or credit is needed based on whether the account amount is increasing or decreasing. It emphasizes memorizing the rules for debits

Author

Jun Rinion Taguinod

Language

EN