What is Double Entry Bookkeeping System in Accounting Part 1

>> YOUR LINK HERE: ___ http://youtube.com/watch?v=ICpBLD_uaPg

We have introduced the Double entry bookkeeping system in the previous lesson. Now we’re gonna talk about its specifics and by the end of the video, you will help me create your very first journal entry! • This video is the First Part of a mini-series about the double entry bookkeeping system. • Timestamps: • 00:00 Intro • 00:41 Who uses the double entry bookkeeping? • 01:27 Meaning of the double entry bookkeeping system • 02:48 What do you need to know to understand the double entry system? • 03:05 What is a transaction? • 04:26 Simplified transaction analysis • 09:03 What is a Journal Entry? • 10:11 The basic parts of the Journal Entry • 13:20 Introduction to debits and credits • 15:22 Your first journal entry • 18:35 What's next? • 18:46 Recap • --------------------------------------------------------------------------------------------------------------------------------------------- • Answers to the rest of the exercises in 15:22 • DEBIT CREDIT • (2) Cash $50 • Revenue $50 • (3) No entry • (4) Cash $15,000 • Bank loan $15,000 • (5) Office supplies $100 • Cash $50 • Accounts Payable $50 • ---------------------------------------------------------------------------------------------------------------------------------------------- • We will release Accounting Lectures every week starting off with the ACCOUNTING Process and then gradually advancing to more advanced Financial Reporting topics. • So It's like a course, except that this is FREE! • Subscribe to our channel for more Free Accounting Lessons • https://www.youtube.com/c/AccountingZ... • • ► You have ZERO experience but you want to pursue Accounting Jobs; • ► You want to be a HERO on your Accountancy Journey; • ► You want to level up your career as an Accountant; • ► You want to supplement your learning of the Accounting Concepts for your • ACCA, CPA, and other accounting exams; • ► You need Technical Discussions and Exercises • ► You are curious about Other Practical Application of the accounting standards discussed by an experienced professional • If you have any questions or want to request a lesson... • just leave a comment and We will answer them as best as possible! • Thanks so much! • AccountingZeroToHero

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