Debits, Credits, Normal Balance Accounts and Contra Accounts | Double Entry System (Part 5)

Описание: In this video, we will see DEBITS and CREDITS in a different light, how they connect to the concept of NORMAL BALANCE ACCOUNTS and we will also see an introduction to CONTRA ACCOUNTS in the trial balance.

Timestamps:
00:00 Intro
00:38 Debits and Credits are EVERYWHERE!
01:15 The Meaning of Debits and Credits
01:49 The effects of DR and CR to the Elements of Financial Statements
02:35 Normal Balance Accounts
04:12 The Contra-Account
04:56 Examples of Contra-Accounts
05:46 Why do we need to learn this?
06:08 Outro

This video is the last of the mini-series about the double-entry bookkeeping system! Watch the rest of the videos here:
Part 1:    • What is Double Entry Bookkeeping System in...  
Part 2:    • Double Entry System Part 2 | How to Create...  
Part 3:    • T Accounts Explained in Detail | Double En...  
Part 4:    • T-Accounts and Journal Entry Practice | Tr...  


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