Student Academic Learning Services Page 1 of 11. Accounting: Debits & Credits. A Student Academic Learning Services Guide

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1 Student Academic Learning Services Page 1 f 11 Accunting: Debits & Credits A Student Academic Learning Services Guide

2 Student Academic Learning Services Page 2 f 11 Debits & Credits: befre we begin There are a few things every student wh is starting t study financial accunting shuld knw abut the wrds debit and credit. The mst imprtant is that the everyday meaning and use f these wrds is different frm when they are used in accunting and will cause cnfusin (and therefre cause students t make mistakes). Things t remember Debits and credits (in financial accunting) are types f change neither gd nr bad neither psitive nr negative ways f increasing r decreasing the value f an accunt (s that the balance is always a psitive number) When first learning hw debits and credits wrk tgether, think f them like they were left and right. If yu take 5 steps t the left Start here (this is where yu started) and then 2 steps t the right (this is where yu started) yu are 3 steps t the left f where yu started (yu wuld never say yu were -3 steps t the right).

3 Student Academic Learning Services Page 3 f 11 T-charts T-charts are a quick and easy way t keep track f debits and credits. All debits are recrded n the left side f the chart, and all credits are recrded n the right. A typical t-chart may lk like this (name f accunt) (debit side) (credit side) Let s say we have an accunt (the name desn t matter just yet) that has tw debits ($500 and $2000) and three credits ($400, $150, and $50) applied t it. Recrded in a t-chart, it might lk like this accunt $500 $2000 $400 $150 $50 That s wnderful and all, but what is the result f all thse debits and credits? Ging back t the things t remember, we knw that debits and credits wrk just like left and right. T find ut the result we start by making subttals f the tw sides =2500 accunt $500 $2000 $400 $150 $ =600

4 Student Academic Learning Services Page 4 f 11 S we have $2500 n the debit side, and $600 n the credit side. We then find the difference (subtracting the numbers) t determine the result. This is the balance f the accunt. Always start with the larger number and subtract the smaller number ($ $600 = $1900). Then take the result and put it at the bttm f the chart, n the side that had the largest subttal in the beginning (debit in this example). The finished t-chart wuld lk like this accunt $500 $2000 $400 $150 $50 Bal. $1900 Hw they change the value f an accunt The effect f a debit (r credit) n an accunt depends n where the accunt sits in the accunting equatin. Assets = Liabilities + Equity Three rules help explain what happens and why: 1. Each debit must have a matching credit When recrding a transactin, the duble entry system f accunting will reference (a minimum f) tw accunts. One will be debited, the ther credited. The reasn there are tw accunts referenced is that the duble entry system f accunting recrds what the cmpany has AND why they have it. 2. The accunting equatin must always balance That s the way math wrks If there is change n ne side f the equal sign, there must be equal change (in the same directin) n the ther side 3. Debits increase asset accunts What?... why? It is an histrical standard (just like why 1 kilgram is 1 kilgram) When the duble entry system f accunting was frmalized, bkkeepers needed t agree t a standard s that infrmatin was accurate, cmparable, and reliable If debits increase asset accunts, than credits must decrease asset accunts

5 Student Academic Learning Services Page 5 f 11 Befre we d an example, we need t expand the accunting equatin. We d this because Equity is actually made up f fur different accunt types that change the equatin in different ways. Instead f Equity, we re ging t use Capital, Withdrawals, Revenues, and Expenses. The accunting equatin nw lks like this: Ntice that Withdrawals and Expenses have negative signs in frnt f them. That means that whatever the balances in thse accunts are, thse balances are subtracted frm the equatin. When thse accunts increase in value, they actually cause the right side f the equatin t decrease. Arrws will be used t shw the effect f debits and credits n the different types f accunts (up arrw fr increase, dwn arrw fr decrease). Remember that debits are n the left side f the t-charts, and credits n the right. Given what we knw s far (frm the rules ), the accunting equatin nw lks like this: But what abut the ther accunt types? What arrws g where? This handut will shw a series f examples t shw the effect debits and credits have n the ther accunt types. In summary, the equatin will lk like this:

6 Student Academic Learning Services Page 6 f 11 Example 1: Assets The cmpany purchases $500 f supplies using cash. Bth the supplies purchased and the cash used are assets f the cmpany (things that are wned), s this transactin takes place nly n the left side f the accunting equatin The value f the supplies is increasing, s that accunt is debited (rule 3). The value f the cash is decreasing, s that accunt is credited (rule 3 & 1) Because ne asset accunt is ging up and anther asset accunt is ging dwn by the same amunt, the tw events cancel each ther ut, and the equatin stays balanced (rule 2) Using t-charts the transactin lks like this Supplies $500 Cash $500

7 Student Academic Learning Services Page 7 f 11 Example 2: Liabilities The cmpany purchases $80 f supplies and agrees t pay within 30 days. The supplies purchased are assets f the cmpany (things that are wned) and are increasing, s that accunt is debited (rule 3) Because the cmpany has nt paid the bill yet, they we the value f the supplies. When the cmpany wes smething, that debt is a liability. A Liabilities accunt called Accunts Payable is used t recrd what the cmpany wes The Supplies accunt was debited, s the transactin needs a credit (rule 1). The credit is applied t the Accunts Payable accunt Rule 2 states that the equatin must always be in balance. We knw that the left side f the equatin increased because f the debit. The nly way fr the equatin t balance is fr the right side t als increase. Therefre, the credit t the Liabilities accunt (Accunts Payable) must have increased the value f the accunt Frm this we nw knw that credits increase Liabilities accunts (and therefre debits decrease Liabilities accunts) Using t-charts the transactin lks like this Supplies Accunts Payable $80 $80

8 Student Academic Learning Services Page 8 f 11 Example 3: Capital The wner f a cmpany depsits $300 f his/her persnal mney int the cmpany bank accunt. The cash depsited becmes an asset f the cmpany, s we knw that the Cash accunt is debited because it is increasing (rule 3) The wner gave smething t the cmpany. Whenever the wner f the cmpany gives smething t the cmpany, the value is recrded in the Owner s Capital accunt The Cash accunt was debited, s the transactin needs a credit (rule 1). The credit is applied t the Owner s Capital accunt Rule 2 states that the equatin must always be in balance. We knw that the left side f the equatin increased because f the debit. The nly way fr the equatin t balance is fr the right side t als increase Nte that there is a + sign in frnt f the Capital accunt type. Whatever the balance f the accunt is, it is added t the ride side f the equatin, causing it t increase Therefre, the credit t the Owner s Capital accunt must have increased the value f the accunt Using t-charts the transactin lks like this Cash Owner s Capital $300 $300

9 Student Academic Learning Services Page 9 f 11 Example 4: Withdrawals The wner f a cmpany withdraws $600 frm the cmpany Cash accunt fr persnal use. The cash withdrawn is an asset f the cmpany, s we knw that the Cash accunt is credited because it is decreasing (rule 3) The wner is taking smething t the cmpany fr persnal use. Whenever the wner f the cmpany takes smething t the cmpany, the value is recrded in the Owner s Withdrawals accunt The Cash accunt was credited, s the transactin needs a debit (rule 1). The debit is applied t the Owner s Withdrawals accunt Rule 2 states that the equatin must always be in balance. We knw that the left side f the equatin decreased because f the credit. The nly way fr the equatin t balance is fr the right side t als decrease Nte that there is a - sign in frnt f the Capital accunt type. Whatever the balance f the accunt is, it is subtracted t the ride side f the equatin, causing it (the equatin) t decrease Therefre, the debit t the Owner s Capital accunt must have increased the value f the accunt, s that it has a psitive balance, and the right side f the equatin can decrease (tw negatives tgether create a psitive that wuld actually increase the right side f the equatin which we dn t want) Using t-charts the transactin lks like this Cash Owner s Withdrawals $600 $600

10 Student Academic Learning Services Page 10 f 11 Example 5: Revenues The cmpany cmpletes a jb fr a client and issues an invice fr $450 Ideally, cmpanies wuld receive cash immediately upn cmpletin f the wrk they have dne. Often, hwever, a cmpany must wait t receive payment. The accunt used t recrd what a cmpany is wed is an asset accunt called Accunts Receivable The Accunts Receivable accunt (an asset) is increasing s we knw that it will receive the debit part f the transactin (rule 3) The cmpany has dne wrk. Whenever a cmpany des wrk, the value f that wrk is recrded as Revenue. In this example, we will use the accunt named Fees Earned. It is cmmn fr the type f wrk dne t be part f the accunt name (e.g. Cnsulting Fees Earned) but fr this example we will keep it simple. The Accunts Receivable accunt was debited, s the transactin needs a credit (rule 1). The credit is applied t the Fees Earned accunt Rule 2 states that the equatin must always be in balance. We knw that the left side f the equatin increased because f the debit. The nly way fr the equatin t balance is fr the right side t als increase Nte that there is a + sign in frnt f the Revenues accunt type. Whatever the balance f the accunt is, it is added t the right side f the equatin, causing it t increase Therefre, the credit t the Fees Earned accunt must have increased the value f the accunt Using t-charts the transactin lks like this Accunts Fees Receivable Earned $450 $450

11 Student Academic Learning Services Page 11 f 11 Example 6: Expenses The cmpany receives a utilities bill fr $260, fr services used the previus mnth. They will pay the bill next week. Nte that n assets (things the cmpany wns) are affected by this transactin. This transactin takes place nly n the right side f the accunting equatin The cmpany has used the utilities (e.g. water, electricity, gas) that they are being billed fr. When a cmpany uses smething in the prcess f ding business, it must be recrded as an Expense. It is cmmn t use what was used as part f the name f the expense accunt, s we will use Utilities Expense as ne f the accunts in this transactin Because the cmpany has nt paid the bill yet, they we that mney. The Liabilities accunt called Accunts Payable is used t recrd what the cmpany wes. Frm Example 2 we knw that t increase a Liabilities accunt we must apply a credit Rule 1 states the there must be matching debits and credits. Because the Accunts Payable accunt was credited, the Utilities Expense accunt is debited Rule 2 states that the equatin must always be in balance. The credit t Accunts Payable increased the value f that accunt and therefre increased the right side f the equatin. Hwever, nte that there is a - sign in frnt f the Expenses accunt type. Whatever the balance f the accunt is, it is subtracted t the right side f the equatin, causing it (the equatin) t decrease Even thugh the value f the Utilities Expense accunt is increased by the debit, the balance f the accunt causes the right side t decrease, and the equatin stays balanced Using t-charts the transactin lks like this Accunts Utilities Paybable Expense $260 $260

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