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In this video, we take a deep dive into the world of debits and credits, turning theory into practice! Ideal for anyone keen to understand the reallife application of accounting principles.

What's Inside:
▪ TAccounts & Journal Entries: We start with the basics of Taccounts and then progress to journal entries, making the process easy to understand.
▪ RealLife Examples: Follow along as we record transactions for Claudio’s Italian beach business, offering a practical perspective.
▪ Detailed Steps: From analyzing which accounts are affected to determining whether they go up or down, each step is clearly explained.
▪ Accounting Concepts Simplified: Complex concepts like "Cost of Goods Sold" (COGS) and different inventory valuation methods are broken down for ease of understanding.
▪ Visual Illustrations: We use Taccounts to visualize transactions, helping you grasp the concepts more effectively.

Use our secret weapon ADEx LER (Accountants Don't Expect Low Earning Rates) to apply Debits and Credits to actual transactions of a business.

00:00 Debits and Credits Practice Problems and Solutions
01:22 How to write and record debits and credits?
02:09 Owner putting Equity in company
05:42 Buying Inventory with Cash
07:20 Recording Sales
10:03 Recording COGS
11:00 Is Expense a debit or credit?
12:02 Summary of Transactions
13:15 Income Statement
13:35 Balance Sheet

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