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DEBITS AND CREDITS
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The material in this section is not really needed to create a financial model, but later on as you grapple with new accounts and need to understand what the flows look like, understanding these concepts will be very helpful We have been talking about accounts going up and down, and that is a serviceable way of describing the changes in the balance sheet However, for your background knowledge, let s go over the more precise terms used in accounting to describe the two entries of double-entry bookkeeping:
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Debit, sometimes written as Dr Credit, sometimes written as Cr
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T-Accounts A debit must always have a credit (and vice versa, of course) Debits and credits are the entries for something called a T-account This is just a little diagram to show the two sides of a bookkeeping entry The left side is called debit and the right side is called credit, and you must always use this order The diagram itself looks like the letter T, hence the name:
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Despite how we use the word in everyday language, a debit does not always mean a decrease Likewise, a credit does not always mean an increase! Confused Here is the real deal:
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debit describes an increase of an asset, but a decrease a liability or equity account credit describes a decrease of an asset, but an increase a liability or equity account
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Let s use the steps in the previous balance sheet illustrations and show them as T-accounts:
BALANCE SHEET NO 2: WINNING THE $10,000 LOTTERY
Debit Cash: $10,000 (Asset increases)
Credit
Equity: $10,000 (Equity account increases)
BALANCE SHEET NO 3: BUYING $5000 WORTH OF FURNITURE WITH CASH
Debit Furniture: $5000 (Asset increases)
Credit
Cash: $5000 (Asset decreases)
TLFeBOOK
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BALANCE SHEET NO 4: PREPAYING $5000 OF MORTGAGE WITH CASH
Debit Mortgage: $5000 (Liability decreases)
Credit
Cash: $5000 (Asset decreases)
We have established the facts that a debit must go hand-inhand with a credit and that changes across the balance sheet move in the same direction, whereas changes in the same side go in opposite directions The T-account works beautifully to show the one-two sequence of double-entry bookkeeping, but if you are like me when I first learned this, the direction of changes is still hard to remember What goes up and down with a credit What goes up and down with a debit
How to Remember Debits and Credits Here is one way of remembering what debits and credits do that I have found works for me Perhaps it will work for you, too Think of the schematic cross-section of a river, split into two halves Like a balance sheet, the left half is assets, the right half is liabilities and equity On the left half, the left bank is the debit and because it is high, this represents an increase; the river bottom is the credit and because it is low, this represents a decrease On the right half, the low river bottom is the debit, and this represents a decrease The high right bank is the credit, and this represents an increase
Assets Debit (increase) Credit (decrease) Debit (decrease) Liabilities and Equity Credit (increase)
TLFeBOOK
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HOW THE INCOME STATEMENT CONNECTS WITH THE BALANCE SHEET
We have been discussing how the balance sheet changes as various accounts change One way that a balance sheet changes is through the infusion of earnings from the income statement, which comes in as additions to the retained earnings (Pop quiz: is that a debit or credit to retained earnings ) This is the connection between the income statement and the balance sheet The balance sheet collects the flow that comes from the incoming statement it is in, whether it is positive (a profit) or negative (a loss) Either way the flow is a credit to retained earnings The following is the continuation from the last balance sheet Now, let s assume that in the next year, we receive a paycheck of $5000 There s income tax of 30 percent, so our takehome net income is $5000 (1 030) $3500 In terms of a T-account, it would look like this: The retained earnings account increases and, on the other side, the corresponding entry to the credit is a debit to cash:
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