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Learn Debits and Credits - Accounting Play
May 01, 2015 · The double entry system is used to categorize all transactions in the accounting record. Let's say $200 cash is paid from the bank. Cash is decreased $200, which explains where the money came from. Another account is required to explain the destination and purpose of the transaction. Cash is used for a variety of things: equipment, investments,
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Accounting Cheat Sheet - Accounting Play: Learn Financial ...
accountingplay.comApr 26, 2015 · ACCOUNTING EQUATION INVENTORY Assets = = + +--Liabilit esi Balance Sheet as of 12/31/2100 Income Statement, year ended 12/31/2100 = Net income increases RE T-Account Revenue Debit Credit Expense Equity Equation Assets = Liabilities + Equity Equity = Assets - Liabilities - COGS Journal Entry debit credit Cash 100 Common stock 100
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