Accounting 101: Double Entry Bookkeeping Explained

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ACCOUNTING BASICS: ACCOUNTING DOUBLE ENTRY PRINCIPLE

In a few words, the double entry system in accounting is the principle that every transaction has two sides a debit and a credit. In accounting, the debts and credits are the two sides of all accounting journal entries. Again, an accounting journal entry is the basic form which financial transactions are recorded in an accounting journal entry format. These accounting journal entries are then transferred into the general ledger. The double entry system is exactly that, the rules to record accounting journal entries.

Are you baffled by double-entry accounting? 📊 Don't worry; I got you covered! In this engaging video, I explain the Double Entry System and make it as clear as daylight. 🌞

Discover the secrets of financial mastery as we break down:

The Basics: Learn the fundamental principles of double-entry accounting. 📚

Debits and Credits: Unravel the mystery of debits and credits - it's simpler than you think! 💰

Balancing Act: Understand how double entry ensures your books always balance. ⚖️

Real-World Examples: Dive into practical scenarios to see the system in action. 💼

Watch now and take your financial knowledge to the next level! Don't forget to hit that like button, share with your friends, and subscribe for more financial insights. 💡

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If you haven't mastered debits and credits yet, check out this video:

   • The Secret to Simplifying Accounting ...  

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CHAPTERS:

00:00 – Introduction
00:31 – Accounting Double-Entry System
01:30 - Advantages of the Double-Entry System
02:00 - Principles of the Double-Entry System
02:13 - Principle of Duality
02:25 - Principle of Equality
02:40 - Principle of Recording
02:56 - Significance of the Double-Entry System
03:08 – Accuracy in Accounting Entries
03:19 - Detection of Errors in Accounting Journal Entries
03:33 - Financial Analysis in Accounting
03:50 - Lemonade Stand Accounting Example
04:13 - Lemon Purchase Accounting Example
04:26 – How to Account for a Sale
04:43 – How to Account for common transactions example

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