QBScott-Accounting (24)

For the image below, total Debits less total Credits equal the Account Balance. So, in the example in the image, total Debits of 2,675 less total Credits of 275 equal 2,400. This is a Debit amount since, in this example, Debits are greater than Credits.

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QBScott-Accounting (15)

Debits must always equal Credits. On every transaction the total of the Debits must equal the total of the Credits. In some transactions you may have more than one Debit and only one Credit. Or you may have one Debit and more than one Credit. Regardless the total value of Debits must equal the total…

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QBScott-Accounting (14)

The Journal Entry is used to record a transaction. It must include at least one Debit and least one Credit. The Debits and the Credits in the Journal Entry must equal. Journal Entries are used all throughout accounting.

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QBScott-Accounting (13)

Credits are the opposite of Debits. Credit increase Liabilities, Equity Accounts, and Revenue Accounts. They also decrease Assets and Expense Accounts.

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