PROPERLY Record Debits and Credits with Examples (EASIEST Method)

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  • Опубліковано 5 чер 2024
  • Get Access to My Course "Fundamentals of Financial Analysis" here 👉 www.xelplus.com/course/learn-...
    In this video, we take a deep dive into the world of debits and credits, turning theory into practice! Ideal for anyone keen to understand the real-life application of accounting principles.
    🔍 What's Inside:
    ▪️ T-Accounts & Journal Entries: We start with the basics of T-accounts and then progress to journal entries, making the process easy to understand.
    ▪️ Real-Life Examples: Follow along as we record transactions for Claudio’s Italian beach business, offering a practical perspective.
    ▪️ Detailed Steps: From analyzing which accounts are affected to determining whether they go up or down, each step is clearly explained.
    ▪️ Accounting Concepts Simplified: Complex concepts like "Cost of Goods Sold" (COGS) and different inventory valuation methods are broken down for ease of understanding.
    ▪️ Visual Illustrations: We use T-accounts to visualize transactions, helping you grasp the concepts more effectively.
    Use our secret weapon ADEx LER (Accountants Don't Expect Low Earning Rates) to apply Debits and Credits to actual transactions of a business.
    00:00 Debits and Credits Practice Problems and Solutions
    01:22 How to write and record debits and credits?
    02:09 Owner putting Equity in company
    05:42 Buying Inventory with Cash
    07:20 Recording Sales
    10:03 Recording COGS
    11:00 Is Expense a debit or credit?
    12:02 Summary of Transactions
    13:15 Income Statement
    13:35 Balance Sheet
    ★ My Online Excel Courses ► www.xelplus.com/courses/
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    Note: This description contains affiliate links, which means at no additional cost to you, we will receive a small commission if you make a purchase using the links. This helps support the channel and allows us to continue to make videos like this. Thank you for your support!
    #Accounting

КОМЕНТАРІ • 323

  • @LeilaGharani
    @LeilaGharani  4 місяці тому

    Get access to the complete "Fundamentals of Financial Analysis" course here 👉 www.xelplus.com/course/learn-financial-analysis/

  • @ojayherbert
    @ojayherbert 9 місяців тому +7

    This is best and simplest lecture i’ve ever seen on recording debits and credits. Thank you fo much

  • @nitinrajeev5609
    @nitinrajeev5609 4 роки тому +24

    This is one of those channels I'm so glad that I found!

  • @abeazar
    @abeazar 4 роки тому +38

    As a practicing CPA and a person who attempts to teach accounting to small groups of Payroll Professionals in about a half an hour once a year, I plan to use your examples next time I teach. Thanks for a precise and concise accounting lesson. Abe Azar

  •  4 роки тому +81

    Thank you so much, i have been struggling with these for so so long, i have also watched a ton of videos online but still can not understand anything until i find your video. It helps a lot and for the first time in my life i can understand how the transaction works. You're such a great teacher

    • @LeilaGharani
      @LeilaGharani  4 роки тому +3

      Great to hear!

    • @asyaborkova4210
      @asyaborkova4210 3 роки тому +3

      I’m so impressed too! Thank you 🙏

    • @xperea91
      @xperea91 2 роки тому +3

      I couldn’t agree more! I have been trying to understand this for far too long. I cannot thank you enough!!! 🙏🏼

  • @mariatlopezleguizamo6483
    @mariatlopezleguizamo6483 Рік тому +3

    Oh my God! You are fantastic! Thank you so much for sharing your knowledge in such an easy way for us old folks. Blessings

  • @robertadafallon660
    @robertadafallon660 2 роки тому +3

    Thank you for connecting the dots so easily for me!!! Clear and concise presentation.

  • @irynag1771
    @irynag1771 4 роки тому +14

    Thank you so much! I'm impressed. Please, post more and more and more videos ;) about accounting and bookkeeping. I really like your manner of speaking and structure of the lessons!

    • @LeilaGharani
      @LeilaGharani  4 роки тому +2

      We'll definitely post more next year. Glad you like the videos.

  • @MahmoodSuhail
    @MahmoodSuhail 3 роки тому +16

    With every video I watch of yours, my credit of admiration towards you increases and that throws my equation out of balance because you're adding more and more equity to our knowledge! Thanks for the amazing job! Keep up the great work..

  • @julietlawson780
    @julietlawson780 2 роки тому

    You are such a great teacher! Thank you so much for simplifying this!

  • @kevwu9931
    @kevwu9931 2 роки тому +3

    Amazing explanation Leila, you've just helped me understand a lot of accounting concepts that I'd struggled to understand my entire life :)

  • @ericjohnson4877
    @ericjohnson4877 24 дні тому +1

    @LeilaGharani ....so after this vid and your vid "Debits and Credits MADE EASY with ADEx LER", I've come to terms with the fact that for now I just have to accept which accounts are debit accts and which are credit accts, memorize it, and move on, but I'm not satisfied. I'm trying to wrap my head around what makes each particular account a debit or credit acct, and how that relates to the basic accounting equation, and I have a feeling I'm in for an epiphany....don't worry, I'll keep you updated 😄Your channel has been really helpful so far, btw. My background is technical electronics, my degree is computer science, but somehow I ended up keeping the books for my Mom's real estate brokerage! Agggghhhhhh!!!! I have to learn accounting and bookkeeping!!! Thanks for your hard work!

  • @JTBooks
    @JTBooks 10 місяців тому

    One of the best explanations of COGS i've come across. This cleared it up so much. Thanks!

  • @seymourtompkins
    @seymourtompkins 4 роки тому +7

    Such a wonderfully clear and visually engaging presentation (such fine graphics). You have a great production crew !

    • @LeilaGharani
      @LeilaGharani  4 роки тому

      Thank you! We are doing our best :)

  • @Geevs80
    @Geevs80 2 роки тому +2

    Every time you lowered the brightness of the background I thought my battery was dying! Really appreciate the good explanation.

  • @peternganga9371
    @peternganga9371 4 роки тому +7

    Thanks Leila. These are explanations that I missed in my introduction to accounting. Nice one there. Thanks.

  • @duccius
    @duccius 2 роки тому +1

    This playlist is pure gold

  • @Ash1741.
    @Ash1741. 2 роки тому

    Thank you very much. Haven’t done journal entries since I was at uni.

  • @christinenoquera9796
    @christinenoquera9796 3 роки тому +4

    You're a great teacher finally I understand now I've been struggling on journal entry

    • @lalamalelang5670
      @lalamalelang5670 2 роки тому

      Now u know on journal entry. Always remember double entry debit and credit are always equal.

  • @allengrant5874
    @allengrant5874 2 роки тому

    Thanks once again Leila. So clear and concise.

  • @ItsOnlyShift
    @ItsOnlyShift 2 роки тому

    This was genuinely absolutely brilliant

  • @munizahir7644
    @munizahir7644 2 роки тому +2

    Thank you Leila for the amazing explanation. I think now I can say that I can pass the accounting course confidently.

  • @bunnakornsomprasert6019
    @bunnakornsomprasert6019 4 роки тому

    Thank you Leila. These help me a lot to explain to beginner.

  • @mariostudio7
    @mariostudio7 4 роки тому +13

    "Accountants don't expect low earning rates" is so neat! 😁

    • @LeilaGharani
      @LeilaGharani  4 роки тому +1

      There are different variations out there but this one just made it stick for me :)

  • @seidegavenski935
    @seidegavenski935 2 роки тому

    Simple and wonderful. Thank you!

  • @rodrigoabatepaulo
    @rodrigoabatepaulo 4 роки тому +1

    I’m an Brazilian accountant, it’s really easy to learn with your videos. You have to understand the basis very well to understand the advance accounting. It’s really nice your way to explain. Congrats.

    • @LeilaGharani
      @LeilaGharani  4 роки тому

      Glad you like it Rodrigo. And it's so true. Once you understand the basics everything else falls in place much easier later.

  • @jaylauna4153
    @jaylauna4153 3 роки тому

    Watched both videos, this one's great simplified version of understanding Debit and Credit Entry and how it is fed into the P&L and Balance Sheet. You are awesome!

  • @adiscomputerschool
    @adiscomputerschool Рік тому

    Very nice approach. I spent four years in university studying for this course. Now I have amazing knowledge in 15 minutes. thank you!

  • @shawniejohnson130
    @shawniejohnson130 4 роки тому +4

    You saved me, I was lost but I understand so much better now! Thank you 😊

  • @luzvimindachangsi8806
    @luzvimindachangsi8806 Рік тому

    I still had a lot to learn thank you so much

  • @MYTHOMINHTRAN
    @MYTHOMINHTRAN 2 місяці тому

    The missing dots have been found and connected, and I have regained my confident to come back to school after 45 years on the pursue of living career! Appreciate your teaching! Apprezzo il tuo insegnamento, signora Leila.

  • @deepanshukaushik5571
    @deepanshukaushik5571 3 роки тому

    Thanks! You made things easier.

  • @chandanachar9108
    @chandanachar9108 4 роки тому +1

    Hello Leila could you make two separate videos on how accounts payable and receivable works and your explanation is crystal clear I have never understood the concept in my bachelor's degree..thanks

  • @johngeldenhuys2158
    @johngeldenhuys2158 4 роки тому +1

    wow - I find myself going back and re-watching - I will understand this one day. thks Leila

  • @cosminciceu101
    @cosminciceu101 6 місяців тому

    Very good explication and easy to understand. Thank you.

  • @meghnasunil8212
    @meghnasunil8212 2 роки тому

    Your explanation is so on point 👌

  • @juniorcoder1267
    @juniorcoder1267 Рік тому

    Thank you very much, i have managed to created an accounting system using your videos

  • @popohammers9095
    @popohammers9095 3 роки тому

    Thank you so much!!! My questions were cleared because of your video.

  • @Angelica-pu3dq
    @Angelica-pu3dq 3 роки тому +3

    Oh my goodness...i think you are saving my life. I'm taking a college accounting course (working on acct degree) and I was SO confused!!
    I checked out to other people before you and I was still confused after watching several of their videos. This is really helping a lot and putting it into terms and a way that I can understand. I really appreciate that immensely. I was getting nervous I wasn't going to be able to grasp it. ❤🙌

    • @LeilaGharani
      @LeilaGharani  3 роки тому

      I'm so glad! Good luck with the course.

  • @eyoelgetachew6004
    @eyoelgetachew6004 2 роки тому

    great lesson ....................thank u leila

  • @jandradaunoraite9725
    @jandradaunoraite9725 3 роки тому +1

    Leila you are absolutely amazing! Thank you.

  • @rsadsultanov3071
    @rsadsultanov3071 3 роки тому

    Thank you ,finally could comprehend a topic at least a little.
    I wish my professor would teach in the same way :(

  • @hriditakhan5462
    @hriditakhan5462 2 роки тому

    you make soooo much sense, thank you so much! you're a superstar

  • @chikaaudreyna3916
    @chikaaudreyna3916 3 роки тому

    Omg,thank you so much this is so incredible and detail

  • @karrieweb2004_JxEdEx
    @karrieweb2004_JxEdEx 4 роки тому +1

    Thank you for the clearly presented information. I will share this video with my classmates.

  • @savannanash1449
    @savannanash1449 3 роки тому

    ADEX LER is probably the most helpful thing I’ve ever seen! Thank you

    • @LeilaGharani
      @LeilaGharani  3 роки тому

      Our pleasure! I'm glad it's helpful for you.

  • @blackamericanlesbianprofes4357
    @blackamericanlesbianprofes4357 3 роки тому

    Thank you for posting. I have been suggested to a few other Accounting UA-cam channels which yours is in the list, by another UA-cam channel The Accounting Struggle. I will take a look at your videos.

  • @samuelsanchez7800
    @samuelsanchez7800 3 роки тому +4

    Thank you so much, I finally understand.

  • @mattschoular8844
    @mattschoular8844 4 роки тому +1

    Thanks Leila. The first 80% was explained well in detail. I hope you will expand upon the income stat and balance sheet portion on more detail in upcoming videos. Well done...

  • @hannawilliams3416
    @hannawilliams3416 3 роки тому +2

    i literally logged off my zoom accounting lecture angry and frustrated and confused. after watching just two of your videos, i am already grasping the concepts that i was really struggling with. thank you thank you thank you!

  • @happyfamilylifescreations
    @happyfamilylifescreations 3 роки тому

    Really nice and clear..thanks for your time and effort leila!

  • @akhilkumarraparthi8179
    @akhilkumarraparthi8179 3 роки тому

    Your just awesome teacher
    I have so much of respect on you after watching this vedio.
    Thanks a lot

  • @nikopriest6762
    @nikopriest6762 Рік тому +2

    The DEALER method is easier to remember.
    Dividends
    Expenses
    Assets
    Liability
    Equity
    Revenue

  • @gyambibialex849
    @gyambibialex849 3 роки тому

    Very interesting . It helping me a lot. Accounting made easy for me

  • @amilcarc.dasilva5665
    @amilcarc.dasilva5665 4 роки тому

    Thanks a lot Leila. You're doing great job. Great video tutorial and your explanation is fantastic.

  • @sandrahendricks1354
    @sandrahendricks1354 2 роки тому

    Very helpful - thank you greatly!

  • @Inquire98
    @Inquire98 4 роки тому +7

    "Thank GOD", and thank you very much for your sharing support and time 😉 You and your videos are REALLY good 👌

  • @zqrsh7902
    @zqrsh7902 4 роки тому +1

    Madam thanks for your most informative vedio. Eagerly waiting for your next vedio on automatically transfer (posting) General entries to ledgers.

  • @lalamalelang5670
    @lalamalelang5670 2 роки тому

    This simple easy to understand will be my giuide from journal entry t-acct balance sheet income statement. Hope the example is complete when it write it down the transactions. Thanks

  • @dorothysstitches7333
    @dorothysstitches7333 4 роки тому +1

    Thank you so much for this video! It explains things so clearly and I understand much better thanks to it 😊

  • @MindBodyStorm
    @MindBodyStorm Рік тому

    Illustrations like these are rare in the Accounting world, I mean SERIOUSLY 🧐‼️

  • @kourosh234
    @kourosh234 3 роки тому

    this is the best and easiest tutorial to understand on the web. Nice job. thanks

  • @peteratkinson4263
    @peteratkinson4263 5 місяців тому

    I liked the way you used a 'story', whilst explained debits and credits, and then profit and loss/balance sheet etc!! I believe, that, IF you are to do ANYTHING with accounting/bookkeeping, then it's SO important, that, you can make the CORRECT 'postings' to your t-accounts!! I think, your videos, are, VERY suitable, in, helping the BEGINNER, grasp, the above postings!!

  • @felixojunekwu7753
    @felixojunekwu7753 4 місяці тому

    Beautiful. Thanks for this video

  • @shawnsweetonmoras6856
    @shawnsweetonmoras6856 2 роки тому

    Thank you so much Leila

  • @oliviamwebeiha6038
    @oliviamwebeiha6038 3 роки тому

    Excellent video, made it seem so easy! Thanks

  • @jamjam5158
    @jamjam5158 4 роки тому

    Excellent work thanks

  • @shabbirkanchwala-abwaab6263
    @shabbirkanchwala-abwaab6263 4 роки тому +2

    Debit-Credit simplified
    New LG style
    Thnx
    Keep it up

    • @LeilaGharani
      @LeilaGharani  4 роки тому

      Thank you! More to come. Stay tuned :)

  • @salaheldin00
    @salaheldin00 3 роки тому

    Thank you so much for the most valuable information you have have clearly explained .

  • @ellefrias5980
    @ellefrias5980 3 роки тому

    Thank you so much😭 Im really getting a hard time understanding my course right now... But after watching ypur videos and discussion it is more easier and lighter for me😊😊😊😊

  • @NY-Dani
    @NY-Dani 4 роки тому

    What a great explanation. Thank you so much.

  • @qudratullahhabiby607
    @qudratullahhabiby607 3 роки тому

    it was so nice of you i love that your teaching so in easily way i really enjoy from your video

  • @wizardmaster6639
    @wizardmaster6639 2 роки тому

    very good Leila - highly helpful - its basic math, but putting them into these swinging accounts is a learning process. .... But I have great news for you, since the time I have started watching your videos, I have become a majnoon - thanks for your help.

  • @Nooo239
    @Nooo239 3 роки тому

    Just because of you I am able to do it. Thanks a lot.

  • @mazenalsakkaf
    @mazenalsakkaf 4 роки тому

    Wow..the best video in its own subject I have ever seen...cheers

  • @vyshnavakumar2553
    @vyshnavakumar2553 4 роки тому

    One of the best way to learn accounting.. Hats off

  • @zazaza5535
    @zazaza5535 3 дні тому

    The very best. Thank you.

  • @ganapathibalasubrahmanyam4575
    @ganapathibalasubrahmanyam4575 3 роки тому

    Your pace of explanation is awesome. Must say the very BEST!!!

    • @LeilaGharani
      @LeilaGharani  3 роки тому

      Thanks a lot 😊

    • @ganapathibalasubrahmanyam4575
      @ganapathibalasubrahmanyam4575 3 роки тому

      You got it. Delivery at right pace is very key for successful learning. This tutorial was spot on. Is there a email where I can discuss in more details about this with you?

  • @88pianissimo90
    @88pianissimo90 Місяць тому

    Thanks for the video. This is helpful. I am technical person working in financial reporting and this kind of videos help me understand requirement and then translate that into technical stuff.

    • @88pianissimo90
      @88pianissimo90 Місяць тому

      Can you please make a video on inventory valuation methods like FIFO, LIFO etc.

  • @dennisd5776
    @dennisd5776 4 роки тому

    Nicely done.

  • @ismailismaili0071
    @ismailismaili0071 4 роки тому

    U are doing such a great job thank u so much Ms. Leila

    • @LeilaGharani
      @LeilaGharani  4 роки тому

      My pleasure Ismail. Hope it's helpful.

  • @factspoken9062
    @factspoken9062 2 місяці тому

    best channel till date

  • @wayneedmondson1065
    @wayneedmondson1065 4 роки тому

    Hi Leila.. thanks for the video.. very interesting and entertaining presentation. Thanks for expanding my knowledge base! Thumbs up!!

  • @tonydong13
    @tonydong13 3 місяці тому

    best channel in youtube! only starting to understand these after watching your video, thanks!

  • @nadeemmalik8031
    @nadeemmalik8031 4 роки тому

    Brilliant, simple, easy to understand. Thank you so much Leila. You really are an amazingly beautiful person and a fantastic whizz with all your videos.

  • @adriannoguera0716
    @adriannoguera0716 8 днів тому

    Thank you Leila ❤

  • @alihz5890
    @alihz5890 2 роки тому

    great video, keep it up!!!!!

  • @TareignTV
    @TareignTV Рік тому

    Thank you so Much

  • @johnnykeita7392
    @johnnykeita7392 3 роки тому

    You are talented keep it up. Thanks

  • @CoolGirl-uf1ou
    @CoolGirl-uf1ou 3 роки тому

    thank you very mucchhh!!! this was an amazing explanaition!

  • @temidayoadebiyi7024
    @temidayoadebiyi7024 4 роки тому

    Awesome as always. Thanks a lot Leila

  • @michaelmcgowan4969
    @michaelmcgowan4969 3 роки тому

    Very well-done video easy to follow and would recommend your videos to help get to know accounting before on takes a course.

  • @rsr_s239
    @rsr_s239 Рік тому

    5 PEOPLE have tried to explain this to me to no avail. Merci Mamnoon

  • @sueyouzersif574
    @sueyouzersif574 3 роки тому

    You are so great thank you so much

  • @nimeesha9929
    @nimeesha9929 4 роки тому

    hi as u mentioned in the above video about the inventory evaluation methods. Have you done doing a video of it? Well, your teaching skills are awesome and I can understand accounts better.

  • @ayananidheeshayananidheesh7274
    @ayananidheeshayananidheesh7274 3 роки тому

    Thanks maam.i am in Kerala.l well understand your class.al the best.

  • @kimfucku8074
    @kimfucku8074 4 роки тому +13

    Christmas is coming soon and my present already arrived!

    • @evelynalice7690
      @evelynalice7690 3 роки тому

      @Darkfeet7 on telegram is a real vendor I can’t believe my eyes that man too real Go on his telegram He sell credit card with high balance💯

    • @ashieash46
      @ashieash46 3 роки тому +1

      Your name lol

  • @Kunju779
    @Kunju779 3 роки тому

    Thank you Madam🙏

  • @ashieash46
    @ashieash46 3 роки тому

    This is so helpful wow

  • @merradahmed3921
    @merradahmed3921 3 роки тому

    THANK YOU