5 Debit and Credit Practice Questions & Solutions
ฝัง
- เผยแพร่เมื่อ 14 พ.ค. 2024
- 🆓Debits and Credits Free Quiz → accountingstuff.com/blog/debi...
💥Debits and Credits Cheat Sheet → accountingstuff.com/shop
🖊Debits and Credits Practice Questions → accountingstuff.com/practice-...
Accounting Basics Lesson 10. Join me in this episode of Accounting Basics for Beginners as we work through Five Debit Credit examples and solutions.
This episode of Accounting Stuff is a supplement to Accounting Basics for Beginners Lesson 2 - "Debits and Credits Easy Explanation" → • ACCOUNTING BASICS: Deb...
In this video, you can get in your Debit Credit practice by putting the skills you have learned to the test. Practice Questions have long been my favourite way to wrap my head around a topic, so I have put together 5 debit credit questions and solutions for us to work through together.
I'll show you how to solve these Debit Credit practice problems using "DEALER" which is a super handy way to remember the normal Debit and Credit accounts.
You can use this Debit Credit test to help reinforce your understanding of this topic which many people, understandably, tend to struggle with when introduced to Accounting. These five Debit Credit questions will make Accounting seem like a walk in the park. Don't forget to watch the video until the end because these Debit Credit examples get progressively more difficult!
🔴Subscribe for more Accounting Tutorials → geni.us/subtothechannel
⏱️TIMESTAMPS
00:00 - Intro
00:17 - Debit and Credit Practice Questions
01:06 - Question 1
02:17 - Question 2
03:07 - Question 3
03:47 - Question 4
04:50 - Question 5
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Apologies for the terrible handwriting! How did you find these practice questions? Would you like me to do more covering other areas?
🔗USEFUL LINKS
▪Debits and Credits Free Quiz → accountingstuff.com/blog/debits-credits-quiz
▪Debits and Credits Cheat Sheet → accountingstuff.com/shop/debits-credits-cheat-sheet
▪Debits and Credits Practice Questions → accountingstuff.com/practice-questions/debit-credit-question-pack-1
⏱TIMESTAMPS
00:00 - Intro
00:17 - Debit and Credit Practice Questions
01:06 - Question 1
02:17 - Question 2
03:07 - Question 3
03:47 - Question 4
04:50 - Question 5
Can you post another with some new questions. you have likes and a follow from me, definately the most enjoyable out of all the boring videos i've found
I dont understand what owner equity is! what is that please?
words can not comprehend how much benefit you're offering. Appreciate >.
forget handwriting, the video is really amazing
It's fine
Man, how I wish you were my Accounting teacher...
Haha, thanks Sudipa!
Same sis
Same here😂😅
Me too!
IM DEAD HAHAAHAHAHAH FR THO
Hey I know u don't get ..Views but don't worry ..Plz and plz never delete these videos .. they will give u profit in future .. it's my gurantee .. u r great love u
Hey mate, I'm glad you find these videos useful! Thanks for your support 🙂
I'm gonna support this guy if I become an accountant 😂 3yrs from now lol
We are in 2021
And he has now 220K subscribed
Personally . I support the useful contents
And here we go, 271k views now. I'm a new accounting student and ur video is so helpful, thanks James✨
did you end up becoming an accountant?@@lawtonjacinto3093
James, this allowed my brain to process everything logically, practically and in real time! Please upload more like this! By the way, all of your videos are great. I keep watching them over and over again. Thanks for all your hard work.
Hey Joanna, great to hear you are finding this useful! Sure, I can make loads more like this. Cheers for the support, all the best!
Same
Guys, even my accounting teacher does watch this series so I highly recommend you guys this channel :)
Yup. Good teaching is so critical yet so scarce as a skill.
I have been struggling for like 2.5 months doing accounting for the first time. I wanted to take it as an elective (i am a pure science bio/chem major) in college and I tell you. This guy is a lifesaver. After following the beginner's accounting playlist on your home page, I can logically track and understand what is happening. Thank you so much. I'm on the verge of crying tears of joy because the structure of your teaching this topic is perfect. And this is the first time I did accounting exercises and finally got all of them right. Thank you so much.
Sorry that you've been having a hard time with accounting. It sounds like it's starting to click which is great news! All the best
@@AccountingStuff same with me. I'm studying an accounting masters and now only properly understand thanks to your video. Thank you!
U should make more practical question videos like this one
Hey Amr, cheers for your suggestion. I will bear that in mind!
Could you do practice problems with journal entires? Also stuff on bad debt expense
Cheers Jasmine! Yes it's about time I do some more videos on practice problems. Thanks for your suggestions!
Man, you’re making accounting easier to understand especially for us, beginners. Continue making videos bro God bless 🙂
No worries Jess, I'm happy to help
We need more of the quiz like this. You can make quiz and give small gifts to who answers more accurately by keeping us engaging. Great brain processing activity.
Thank you SO much James!! You're saving my arse here not even kidding. I couldn't get this stuff strait but after finding your videos I feel so much more confident!! Please keep doing these problems, they help me to figure out the answers and confirm with yours- it's paramount for me right now! You rock.
You are a gods gift to budding accountants! You will never know how much you mean to us!
I absolutely love love love your videos. Please dont stop!! Your production value and the way you explain things are done really well
Cheers Danny, I don't plan on stopping any time soon!
you are literally my ACC 101 professor for this semester
Me too in my Accounting Class! I wouldn't be passing without James!
i need to say this, you're amazing at what you do. You're the only educational channel I find fun to watch, other channels are boring at explaining things but your style is different. It's very informative and fun at the same time. Keep up the good work. Your videos are really helping me out.
Thank you for this video and the playlist for beginners! I'm new to this area and so it has been great to see your videos and learn this topic! Again, thank you!!!
loads of thanks James! i just started my accounting lecture this year and couldnt find a clue, then i found your channel and suddenly accounting seems so much easier for me. keep it up!!!
No problem Vinona! I'm glad you are finding these videos useful. Thanks and all the best!
I am in an mba accounting class and I wish my professor were capable of teaching content in this manner. So effective for my understanding - you take it step by step slowly. Brilliant. Went from drowning in the content to understanding it well, in like 1/10th of the time I had previously spent. Sharing this far and wide. Thank you
You are becoming my favorite instructional TH-camr! Stay blessed man, I wish you all the success!
Thank you so much for this video, I love how you break it down and go through each steps with us! Makes it so much easier to understand. I’ve learnt more with your videos than I have sat in class 😁
No worries Maariyah! Great to hear that your finding the vids helpful
These questions are well-constructed, providing scaffolding and reinforcement for learners. Thanks, James!
Cheers Ting :)
Amazing video, all the knowledge that I need to learn in 2 hours in class is included in 3 videos
Thanks Minh! Glad to hear that you're finding these useful!
just subscribed!!! best accounting videos on youtube PERIOD!
Could you do some more of these - this is what I am really struggling to get my head around and this has helped so much
I've had the hardest time understanding debits and credits, but working through these exercises with you is starting to clear things up. Thank you!
No worries Erika, hope it's making sense for you
you're really good at teaching, love the vid
Thanks!!
I have just discovered your channel, great stuff man and your explanations are exactly what I need!
i was scrolling across youtube to see if any videos could help me understand Debits and Credits. still fuzzy, but i understand alot more now. thank you!😀
I'm taking a bookkeeping course recently, can't even understand a bunch of info my instructor is teaching. You summarized the terms and explained them in a perfectly digestible manner. You earned a subscriber here! Thank you so much :)
Great to have you on board!
This video as helped me so much! I am in college taking my first accounting class and tomorrow we have our first exam. Before watching this video I didn't know anything. However, after watching just 7 videos @accountingstuff I have learned more in 30 minutes then attending 3 weeks of class. Thank you so much
Hey Madison, good luck in your exam!!
I love your videos. If I need to refresh my memory on a subject your videos have helped immensely.
Its been massively helpful to watch these vids to revise as I'm now giving my bar exam and have an accountacy module to prep for. I hope you don't stop the videos, ever. Thank you for all your help!
Hey Srushti, thanks I don't plan on stopping anytime soon. Good luck for your bar exams, I'm sure they will make Accounting seem like a piece of cake!
James, I wants you to be my accounts teacher dear and you eventually taught me that Accounting has to be done logically like Mathematics.I love you my teacher and Thank you
No worries Aakash, I'm happy to help!
You're videos are amazing. I got them all correct. And I'm under 15 so I'm hoping this thing will be easy
Nice one!
I dropped accounting back in A-Levels as my teacher back then couldn't explain the concepts clearly. Your videos are probably one of the most useful ones that I could find on TH-cam (and they are intuitive!). Now that I'm planning to have my own business, I have to pick up accounting again. Your videos definitely have given me more confidence and interests in accounting. Please keep making more videos!
The presentation was exceptional. Thank it really gave me more clarity.
Very helpful exercises! An equivalent way I found to get the solutions is to recall crediting an account always means extracting money (value) from it, and debiting always means putting money in it, regardless of the type of account.
For example, in exercise "The carwash pays a supplier $200 in cash. Which account is debited?" it can be translated to "[...]. Which account is receiving money?", and this is clearly accounts payable; whether the account increases or decreases with the debit is an independent story (of course checking that helps to reason the situation wholly).
I wonder why some would give thumbs down on something that will enlight their ignorance 🤦🏻♂️🤦🏻♂️🤦🏻♂️ some people
This is such a clean analysis and clearly explains the logic and the process, i'm new to accounting and have been exposed to some convoluted explanations which seem to skip some steps or leave some crucial elements unexplained thus leaving one with a feeling "I hear but why?' Your videos leaves one feeeling 'Ok, now i understand'.
This was really, really good. Finally a clear way to really sink my brain into the differences of debits and credits. Thank you! Keep making these videos - your great at the explanations, entertaining and fresh!
Thanks Sarai, great to hear that you've sorted the differences between debits and credits!
Your videos continue to be the most digestible I've come across. Things are finally starting to click. Love the practice video!
Cheers Aysha, all the best with your studies!
That was really helpful, thank you. Definitely helped to commit the previous lessons to memory.
This was so helpful! Thank you so much for making this video!
I’m preparing for my accounting course and with your videos, I will pass!!! Thank you!
Just love your presentation style , it's really helpful for me in my learning journey.
Hey I been watching your videos for like an hour now. Super super awesome! Love the simplicity and visual makes it easy to understand. Thanks a lot and keep up the good work! 🔥🔥🔥
Thanks James, hope they are helping!
I'm totally new to this field and found your channel by chance. My! What a gem it is! SO extremely thankful to have found it. You make concepts so clear and systematic even for a beginner. Keep posting such videos! :)
Cheers, will do!
Love these practice questions!!!
You are an ANGEL! Cannot thank you enough for these videos!
Great stuff! This helped me get my lesson and knock out that homework
I found this so helpful, thank you so much for taking the time to explain.
Hoping to have more of this. 🥰🥰 thank you so much! Your videos are very useful and helpful. 😁
Dood, all your videos are amazing. Thank you for taking the time to make such thorough videos.
I liked how question 1 & 2 were linked so I could get both entries on the double entry accounting methods. Do you have any other videos that help identify what account the 2nd entry falls under? Sometimes it’s pretty obvious and other times not so much.
Thanks again!
My first time of listing to your nice go easy way of teaching. May God bless your and us to catch the principle behind your explanations. Thank you so much
Thank you for the video. Your videos make me understand deeply about the concepts.
Thank you so much for making these videos!! I have been educating myself on this topic for awhile and these videos have helped me more than most anything I have found!! Thanks again :)
Hey Ashlynne, no worries. Glad to hear that you are getting value out of these!
your dealer video is awesome.. i got 4 of them right thanks man!
This is brilliant. I've finally got it!
Thank you for this video! Its a big help for me!
Thank you for making me interested with accounting!!!
Great Exercise to check your accounting skills.
Your tutorials are awesome James. You make everything easier to understand. My brain is now finally computing the bookkeeping transactions! Thank you so much. I'm recommending you to my colleagues and fellow students. I really look forward to watching your videos and learning about Accounting now.
Cheers Emma, it's great to hear that you're getting the hang of bookkeeping!
James I've been watching and rewatching your videos the last three days to prepare myself for my final test and this one helped a lot. Thanks for doing all these videos!
Great to hear it's making sense, good luck in your test!!
THANK YOU! You're so much easier to understand than the text book.
No worries Jennifer!
It is really not easy to understand clearly accounting from a textbook, but you are making it so much easier ! Please never stop
Thanks Sacha, I don't plan on stopping any time soon
thank you so much for your effort and hard work. everything is flowless.
Very easy to follow and understand. Well-done!
I loved how the music enters.. I didn't quite get the last question because if we credited account receviable which account we did debited? And I think the questions level was just fine. Thank you.
nice video. It is easy to understand the concepts with several authentic examples.👍
Oh boy! Your videos are on fleek. They're so helpful. James you're the best accounts tutor! Add more videos on manufacturing accounts please. Wish I found your channel earlier. Thanks a lot and keep it up. Will definitely have to tell my classmates about it.
Hey Mbugua! Thanks, it's great to hear that you're finding these useful. Cheers for your suggestion about manufacturing accounts!
This is awesome! My whole view on the Debit-Credit principle changed radically. Can't wait for more videos :)
Nice one! So happy to hear it's making sense :)
James, do you have more questions like this? I found these easier which makes me happy because it means I understand the basics. Thank you for these!
Like your style. Another great vid. I've not found any other source that simplifies accounting as your explanations. Keep it up.
Thank you and cheers for the support!
You are genuinely better than my accounting lecturer.
Your videos are helping me finally understand Accounting! Thank you!
Nice one! Happy to hear it's clicking
I’m doing a college course but using your videos as reinforcement. Thanks for the content! Have you done any of these problem question vids lately or more since this once? Very useful… Turns out I actually know stuff!
Doesn’t always feel like it because although I can solve the problems I feel like I can’t articulate the general accounting process as well
I love this channel so much it helps me love my major even more, keep on going these videos are such a life-saver!
Will do thanks! All the best with your studies :)
Bro, the best thing I love about your videos are how you get direct into the point without wasting much time, and the way you explain your stuff. Good going mate 👍
Cheers Jitesh, I appreciate the feedback!
I just know your channel recently. It's awesome! Hope you continue sharing your knowledge.
I find these practice questions very useful. It's the best way for us to apply what we've learned.
Thanks for your feedback :)
I can't thank you enough for you making this video. I been struggled with which is debit and credit for a very ... long time. You explained so clearly. Can you kindly do more examples or video on accrual revenue? I am struggling with that right now. Thanks a million
Nice explanation. Examples help me understand as well.
Thanks. Nice Examples.
Very easy! But really good. I wish I had this type of video when I was first learning the fundamentals of accounting at uni. Keep up the good work mate 👌🏼
Cheers Ryan!
You're a really good teacher and really creative and savvy at that. Thank you for these tutorials!!
Thanks Nicole, that's kind of you to say!
Thank you SO MUCH for these videos!!! Seriously. I have begun studying to get an accounting job and to eventually take the CPA exam. These videos help to make accounting easy to understand.
No worries, it's great to hear that you're finding them helpful. All the best with your quest to become a CPA!
Hi! Can you do a series of advanced financial accounting topics? It would be of help to watch simplified explanations on complex topics. Thanks and hope you had a good day!
Make Part -2 Of these video Please its really helpful thankyou
I'll be watching this again. Several times. Great stuff James!
Cheers Mosi, hope it makes sense!
@@AccountingStuff It's beginning to! A few more rotations and I'll get it. Cheers!
This was so helpful - I have been able to struggle through questions, but the actual theory pieces seemed disjointed. Your videos have cleared things up and I feel confident about my accounting mid-term now.
Hey Lucas, that is fantastic to hear! Best of luck for your mid-terms!!
you made my day, dude!
I watched several of your videos, you have a brilliant way of presenting, keep up the great work, thanks
Cheers Ali, thanks for your support :)
Absolutely informative 👍
It helped me understand identifying transactions further! Thank u thank u thank u🌺🌺🌺
You are so better than my Gr.10 accounting teachers.
For Q4 I thought it’s accounts receivable but now understood with your explanation 😃
I have a test tmr on this it's making more sense, thanks man. Ill lyk how it goes.
Please make more practical examples we can work through. You have been a huge help, thank you.
Thanks for your request!
Love your videos. Simple and clear! Continue making videos
Thanks Josan!
Very clear and easy to understand, thank you very much.
Your 6 min video is far better than my class teaching.
Thanks mate I'm glad to hear it's making sense!
Excellent queck reminders - short length of videos with full pack of contains, simply very effective!!
Thanks :)