by Scott Meister, CPA | Jun 22, 2018 | Accounting, Finance
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...
by Scott Meister, CPA | Jun 15, 2018 | Accounting, Finance
All Debits and Credits are tracked in an Account’s T-Account. When tracked properly, it’s easy to figure out the balance of an...
by Scott Meister, CPA | Jun 8, 2018 | Accounting, Finance
Each Account has it’s own T-Account. This allows proper transaction tracking of Debits and...
by Scott Meister, CPA | Jun 1, 2018 | Accounting, Finance
A T-Account visually represents the impact transactions have on a particular account. As seen in the image, the white “T” allows space for an Account Name (at the top), Debit Side (Left), and Credit Side (Right). It’s a simple visual that helps when trying to...
by Scott Meister, CPA | May 25, 2018 | Accounting, Finance
The normal balance of an Expense Account is a Debit. So, if you purchased $450 worth of office supplies, it means you have a $450 Debit in the Office Supplies...
