Debit or Credit?

When I took an accounting course a couple of years ago, I found it somewhat difficult to memorize the seemingly arbitrary correlation between debits and credits and account types, like assets, liabilities, etc. - i.e. their normal balance.

This might happen to other people, and so I think that's why it makes a lot of sense to use "special forms", in addition to the basic journal entry system. When I say "special forms", I mean the check register, deposit slips, invoices, and purchase orders, to name a few. These forms will accomplish the same goal as using the journal entry form, but are clearer in their purpose and will automatically use the right credit and debit settings.

By on May 29, 2007 8:59 PM

Categories: