Debit and Credit - Accounting

DebitandCreditteachestheaccountingequationwithanAndroidgame.WhatisDebitandCreditinAccounting?LearnherewiththefullyunlockedversionofAccountingPlay-Debits&Credits.GetallT-Accounts,unlimitedtime,andunlimitedplay.

Students:crushyouraccountingexams

Bookkeepers:learnhowtodirectlyadjustthegeneralledger

Entrepreneurs:understandyourbooks

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AccountingPlayPaidteachestheaccountingequationwithaniPhone&iPadgame.UseDebitandCreditcoinstolearn,study,basicaccountingandtraining.Playagainsttheworldasyoulearn.Studymaterialstolearntheequation,debits&credits,journalentries,andaccountingtheoryisincludedforfree.WhetheryouarestudyingfortheCPAexamortakingyourfirstaccountingcourse,AccountingPlaywillhelpyoulearninafastandfunway.

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Debitsandcreditsformthefoundationoftheaccountingsystem.Themechanicsofthesystemcanbetoughtogetafirst,butthegamemakesitmucheasier!Onceunderstood,youwillbeabletoproperlyclassifyandentertransactions.Theseentriesmakeupthedatausedtopreparefinancialstatementssuchasthebalancesheetandincomestatement.

Everyaccountingtransactioninvolvesatleastonedebitandonecredit.Thesumofdebitsandthesumofcreditsforeachtransactionandthetotalofalltransactionsarealwaysequal.Alistofalltransactionsappearsinthegeneralledger.Debitsarealwayspresentedbeforecredits.

Thedoubleentrysystemcategorizestransactionsusingfiveaccounttypes:Assets,liabilities,equity,income,andexpense.Thesameaccountmayalsobeusedinatwo-parttransactionifthereisanincreaseandadecreaseofthesamecategory.Assets,liabilities,andequitymakeupthebalancesheetandformtheequation:A=L+E.RevenueandexpensesmakeuptheincomestatementandcangenerallybeexpressedasRevenue–Expenses=IncomeorLoss.

Tohelpvisuallyrepresentdebitandcreditentries,aT-accountmaybeused.ThisisvisuallyrepresentedinAccountingGame–DebitsandCreditsasabiggreenT.TheleftsideoftheT-accountisadebitandtherightsideisacredit.Actualdebitandcredittransactionswillberecordedinthegeneralledger,whichaccumulatesallofthetransactions,byaccount.T-accountshelpbothstudentsandprofessionalsunderstandaccountingadjustments,whicharethenmadewithjournalentries.

Journalentriesarethemechanismofhowaccountingtransactionsareentered.Everyjournalentryhasdebitswhich=credits.Becauseaccountingsoftwarereplacestheneedforjournalentriestorecordtransactionsastheyhappen,adjustingjournalentriesarecommonplacetoadjusttheaccountingrecord.

Eachtransactioninaccountingsoftwarehasadebitandcreditside,buttheusercanbeunawareofthisasthetransactionismademostofteninagraphicallyfriendlyway,suchasenteringacheckinaregisterandassigningitanaccount.Adjustingjournalentriesaregenerallymadetocorrectmistakesandmakenon-cashadjustments,suchasdepreciation.

DebitsandCreditsGameisdesignedtochallengeandteachcommonaccountingtransactionsinavisuallyentertainingandengagingway.