Back to Basics
messedup89
Registered Posts: 1,275 Beyond epic contributor ๐งโโ๏ธ
I remember doing this at A Level but have totally forgot.
How do you know what items you debit and what you credit when doing Jnl entries.
Somethings like if an asset increases you debit/credit it (cant remember which)
If an liability increases you debit/credit.
Help!
How do you know what items you debit and what you credit when doing Jnl entries.
Somethings like if an asset increases you debit/credit it (cant remember which)
If an liability increases you debit/credit.
Help!
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Comments
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Debit you increase credit you decrease
So if more sales you increase debitors reduce purchases (as you are giving more credit but selling your purchases)
remember pearls and t-account
Sorry hope this makes sence0 -
whats pearls?0
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messedup89 wrote: ยปwhats pearls?
P purchases E expenses A assets R revenue L liability S sales
PEA - Debits
RLS - Credits
Put them in a t-account or Trial balance and it shows which side where goes0 -
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Your welcome
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Have you got any more tips like this please?0
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What was it you were after?0
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Mark.Tiffen wrote: ยปThank you A-Vic!
Nothing particularly but this is a very simple memory tool I wish I'd knew about earlier!
SmileS
No problem if i can think of any more i will post them no problems, also e-learning is fab helped me through a lot.
Good luck 0 -
Mark.Tiffen wrote: ยปHave you got any more tips like this please?
We use 'Dead Clic' on my course for t accounts
Debit
Expenses
Assets
Drawings
Credit
Liabilities
Income
Capital0
