📝 Recording of Transactions - I

Chapter Summary

📖 Overview

The accounting equation approach. Rules of debit and credit. Source documents. Journalizing transactions. Posting from Journal to Ledger. Balancing of accounts.

💡 Accounting Rule

Remember: Debit what comes in, Credit what goes out (Real). Debit the receiver, Credit the giver (Personal). Debit all expenses/losses, Credit all incomes/gains (Nominal).