Accounting For Beginners #12 / 1 Journal Entry With 2 Assets / Basics

hello everybody. we are back again. we're
going to do a journal entry for this one. it's just something that I was
thinking about. that really that I had a hard time when i started, Accounting and I
don't really know if i explicitly touched on it. so we're going to do a journal Entry here. Buy a desk for $500 and so, now the way you
get better at this is just, you know repetition, repetition, repetition,
repetition, and you know, after a while, you won't even to have to think. you write,
DC/ADE/LER and after I mean thousands of journal entries, hundreds
whatever, your not even going to have to think, Debits on the left hand side.

Credits on the right hand side positive Assets is a Debit wanted to touch on, is that i think i
said before, these are the positive, these are positive sides, the Debits and Credits have to equal.
you're going to have at least one debit maybe more, at least one credit, maybe
more, and they're always going to equal I've already touched on
before that, Neither Debit or Credit not one's good I mean, Debits not good or bad, Credits not good or bad. it's just the left side or the right side, what i don't think I've
talked about before, is that you can have Assets that are positive over
here, but you can have One Journal Entry With two Assets. one is going to be
positive. so thats going to be the debit side. and then another Asset is going to be

that's going to the Credit side It kind of threw me off before.
You can have a Journal Entry With 2 Assets that's fine, you just have to have a Debit and Credit. and we're already at
like three minutes, so let me just do this one. ok, you buy a desk for $500 alright, so i always like to do my cash
first so, five hundred dollars cash, now that's
an asset right???? cash is an asset. ok, and you bought it
for five hundred dollars, so that's leaving, so positive side Asset over here
is debit, so it's leaving, so that's going to be a credit, because it's negative
cash, so this is this is positive Debits positive, the Credits going
to be a negative asset over here, right?? so, that's going to be the credit, going to
have cash 500 Sorry, i think you put the Dollar amount first when doing a Journal Entry You write a Journal Entry like this the Dollar amount first but that's gonna be our
credit. now, what are we getting ??? We are buying a desk. so we're getting, we're
getting, an Asset that's a desk so you're going to have the the positive over here,
because it's a, we're going to debit the asset, that's going to be a $500
desk over there, so you see that we have.

These are both Assets, and ones you know cash is leaving, so we have a negative
Asset, and we have a positive Asset, but the Journal Entry is of 1 category, is
an asset, so and of course that will match for our Account Equation, because
you get more of one asset, and less of one asset, so and go i'm going to do Accounting
Equation: Asset = Liabilities + Equity is the
Accounting Equation.

that's the Balance Sheet this is the Income Statement anyways we are six minutes in, I wanted
to do this fast, but anyways, just wanted to reiterate, the Debits are always
going to equal the credits, always, always, always, always, always, and you can have 20,
a lot of times you have a lot of expenses 20 Debits 1 Credit, or vice versa, but they're
always going to equal, but i want you to also know, that it doesn't matter if you
know this journal entries is comprised of assets, that's it, and you know the
DC/ADE/LER which i always do, DC/ADE/LER that's the positive
sides, so you know, so like in this example the cash asset is leaving, so
that's a negative, that's a credit, if anybody likes these
examples, you know, i'll just do, maybe some examples, and we can go over them and
stuff, but I anyways, you a great day !!!!!!.

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