Accounting Debits and Credits - Accounting Play

Explore how debits and credits work, explain assets and equity accounts, and guide learners through practice worksheets, journal entries, and formatting financial statements with a free e-book.

Explore debits and credits through the introductory accounting equation, assets, liabilities, and equity, with flashcards, an e-book, and practice on journal entries within the double-entry system.

Master the accounting equation assets equal liabilities plus equity, and learn how debits and credits drive T accounts, the balance sheet, and the income statement.

Explore the accounting schematic and the equation, using debits and credits to show how assets, liabilities, equity, revenue, and expenses interact in T-accounts.

Explore asset t-accounts and the debit and credit rule, showing how cash increases with a debit and decreases with a credit, including inter-asset transfers and beginning balances.

Learn how asset and expense t-accounts use debits and credits to record transactions, with expenses increasing on debit and asset balances rising on debit while cash decreases on credit.

Explain how assets move through debits and credits using t-accounts, with cash, inventory, and receivables, and highlight contra assets like accumulated depreciation and allowance for doubtful accounts.

Explore liabilities such as accounts payable, notes payable, bonds, accrued expenses, deferred revenue, mortgage payable, and loan payable, and see how credits increase liabilities while debits decrease them.

Explore how equity accounts, including common stock and retained earnings, increase with credits and decrease with debits, and how profits and dividends affect retained earnings.

Explore how sales revenue increases on credits under accrual-based accounting, and how returns reverse revenue, while investment income and other revenue sources appear on the income statement.

Explore how general expenses such as wage expense, office supplies, meals and entertainment are debited to expense accounts, while assets are not expenses, and how corrections affect debits and credits.

Master double-entry bookkeeping by applying debit and credit rules to cash, common stock, notes payable, equipment, and accounts receivable across basic transactions with debits equal credits.

Explore debit and credit transactions across two accounts using utilities expense and accounts payable, showing how debits and credits affect cash, balances, and end results in t-accounts.