LRN0177 - Understanding Debits and Credits
Course Description
This course covers the accounting equation and the five key categories: Assets, Liabilities, Owner’s Equity, Revenue, and Expenses. Learn to create a chart of accounts, understand double-entry bookkeeping, and record transactions using journal entries under the cash basis method. Gain skills to analyze and manage your business’s financial data.
Course Outline
Unit 1
The Accounting Equation and Categories
The Accounting Equation
The Five Accounting Categories
The Chart of Accounts
Account Placement
Activity ~ Categorizing Accounts
Cash Basis Accounting vs. Accrual Basis Accounting
Unit 2
Debits and Credits
T-Accounts
Debits and Credits
Double Entry Bookkeeping
Analyze Financial Activities (Transactions)
Unit 3
Assets, Liabilities, and Owner’s Equity
Recording Transactions for Assets
Recording Transactions for Liabilities
Recording Transactions for Owner’s Equity
Unit 4
Revenue and Expenses
Recording Transactions for Revenue
Recording Transactions for Expenses
Activity ~ Recording Transactions
Learner Outcomes
Sharon deFonteny has a degree in Business Education with a concentration in Accounting and spent many years in Corporate America working in Accounting and Finance. For the past 5 years, she has created and taught online Business courses for Bucks County Community College. Her experience in business, as well as experience in teaching, has allowed her to help people understand the Accounting and Finance process.