Accounting for Beginners #1 / Debits and Credits / Assets = Liabilities + Equity


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Transcript

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Welcome to CPA Strength, This is Jonathan Dorn licensed CPA in the state of
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Florida
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let’s get it in, I want to show you, one of the you the only accounting equations
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– you’re going to ever need, this is day one stuff and this Will help you carry through to a
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CPA if you choose to be one
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I still write it on my papers although this what I’m going to write down is
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ingrained in my mind forever
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so let’s get it started what what you’re going to want to write is DC / ADE / LER
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so you got that DC/ADE/LER just somehow memory ize that I don’t care how
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you’re going to write it just memorize it ok ok are you going to do it just do
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it
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so why is it important we’ll be right back up
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already back up over here DC a blur
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and remember it here
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we’re going to debit these for debit
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let’s see this for credit
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debit
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it
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credit
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now accounting these were always always going to equal of it’s going to equal
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the credit
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it’s kind of small. You have to see the Debit it’s very
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important
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Debit
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Debit
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Now in the accounting world Debits equal the credits always always always always always so
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now for the Debit side we’ve got the aid got the ADE
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and then for the credit side we’ve got LER
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L E R
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DC/ADE/LER DC/ADE/LER on ADE we have assets
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and then we have Draw (Withdrawal)
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ok then we have for the e
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expenses all right, now for the credit for the credit side with LER we have Y
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L I A B I L I T Y
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you got your EQUITY
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all right you got your REVENUE
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you spell – oh ok so that’s what you got
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now this is all you’ll ever need and it
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it totally works this is day one stuff you just have to go with the flow for a
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while when you’re first starting now
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ok but DC/ADE/LER
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I have an accounting degree from Florida Atlantic University state of Florida
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gave me a CPA license and i still use this
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so although it’s in my head but I think I was going to end this one up just
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learned this write this down
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subscribe to the page if you like this like it
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we have lots more we are going to have a whole series going to the whole steps of income
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statement balance sheet so subscribe to the page
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see more cpa strength because i am a lot
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we kind of weak but i am going to i am going to be the strong cpa in Florida
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eventually America so
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