T-Accounts and Debits & Credits - Ch. 2 Video 1

PLEASE NOTE THAT I HAVE AN ERROR IN THIS VIDEO.
The correct video is at: • T Accts DR & CR
T-accounts and double entry accounting

[@matthewj.3357]

11 years later, and I just found your videos, and - We share the same name. I appreciate this so much, it blows my mind how much of a difference it makes when you have the right teacher.

[@queenb891]

Here's a Tip Debit means left Credit means right Generally these types of accounts are increased with a debit: Dividends (Draws) Expenses Assets Losses You might think of D - E - A - L when recalling the accounts that are increased with a debit. Generally these types of accounts are increased with a credit: Gains Income Revenues Liabilities Stockholders' (Owner's) Equity You might think of G - I - R - L - S when recalling the accounts that are increased with a credit. To decrease an account you do the opposite of what was done to increase the account. For example, an asset account is increased with a debit. Therefore it is decreased with a credit. (Source and all credits to : www.accountingcoach.com/debits-and-credits/explanation )

[@Fl0pus]

awesome, thank you

[@uzi69jmillz15]

Silvia you should marry me so I would have no problem with my accounting assessments right now :|

[@abhui953]

I received my accounts exam results today. I passed it and got a decent score all thanks to you. It could have gone really bad if not for your videos. Thank you so much.

[@FlyDXC]

I just want you to know that you are a complete lifesaver. I'm sure it takes you a lot of time to upload and manage all of your videos, so I just figured you'd like to know that your work is sincerely appreciated. I used your videos to pass my accounting 101 class with an A, and I'm using them now to study for my National Board Exam for Funeral Directors. Basically, you've helped with my success throughout college! Thanks so much!

[@lindseyusry1990]

THANK YOU! I have obtained my Masters & am studying to sit for the CPA Exam. You have explained this (DR/CR T-Account Thing) like no other teacher I have ever had & all of the sudden it just clicks! THANK YOU!!!!

[@rodctenis]

Amazing how easy accounting can be having the right teacher. Thanks!

[@jr3189761]

Thank you so much for your videos I wanted to drop my class because I did not understand it but with your videos I have a clear understanding now. Just like rodctenis said having the right teacher makes it easy to understand.

[@CuandoCaigaLaN0che]

Why did you put the Debit column on the right hand side of the W/D and Expenses accounts under Equity? I thought Debits were always on the left hand side column.

[@williamkloepfer1644]

He messed up. It should be on the left and increasing on the left because it takes away from owners equity.

[@tekootianderson]

Yeah, this was messing with my brain until I read your post.

[@shiradelpilar]

Thank you for your teaching. I am currently studying this material, and have read a thousand times but still had problem understanding since I am a very visual person. Thank you again!

[@zay712]

God bless you sir, Im studying for my test a night before and I was completely blanket out... Didn't know anything ... I feel so much more confident now! You've helped alot!

[@BBsgirlygirl]

I am taking an accounting class online through my college and you have helped me so much! You are teaching out of the same book I have and its so easy to follow along... Thank you so much for these videos! You explain everything so well!

[@kiki7772001]

I thank God he allowed me to find this video, I was so confused about which side was debit and credit for each side. This video helped me to see what my teacher was saying about the debit and credit double entry system is an expansion of the accounting equation. Make sence now. I thought I was going to need to memorize which account increases with a debit or credit. Now I see that all I need to do is to figure out where in the accounting equation the account falls. Thank you great vidoe.

[@schwany44]

8 years later and this guy still has the easiest to follow accounting videos

[@gddsinferno]

Thank you thank you thank you!!! I have been in this class now for about a month, and I have been struggling since day four. You did a much better explanation of the debit and credits than my teacher. Again thanks a bunch!

[@skigirllilbombersyd]

This man is amazing! His explainations are clear and easy to understand. I was about to drop my accounting class until I found this. There is hope:)

[@petrjadud6017]

I am glad there was the mistake, because I have just spent 15 minutes looking at it, why is it like that. Then I read the discussion here. Good sign for me I pay an attention while watching your videos. Thanks for this and other videos.

[@DanceCentury]

You're better than my own teacher learning more than I ever would

[@DaTiger45]

I'm taking Accounting over the Summer at my community college. You just explained it a lot better than my own professor who happens to be a CPA.

[@kiki7772001]

Thank you Yeshua for leading me here! awesome!

[@paleka12345]

I spent a day learning this but in 20 mins know it all from just 1 vid!

[@verb2verb]

this is what you call the ability to teach!!! you simply good!! thanks

[@KoreanPopDrama]

Thank you, my finals are tomorrow, this video helps me understand the material better, as my accounting teacher doesn't explain good.

[@RideLifeAway]

Thank you for these videos! I am in an accounting class and had to miss a day early on for a wedding. I was so lost, slowly figuring it out but I have a test on wednesday and was still really confused on debits& credits. This helped me out more than the textbook did. Now I am off to watch a video on trail balances and general ledgers.

[@Amani_Bri]

you are soooo helpful ! my prof did this is an hour and we were still confused!! thank you so much

[@sapphiccyanide7546]

Thanks for this! I was having a ton of trouble wrapping my head around this chapter, but I think I may understand it a bit better now!!!

[@dollyfacegirl]

This is 10 times better than my english class!!!

[@stringclasher01]

my professor spent hours everyday just to teach us this lesson but you sir did it with just 6:17, and now I finally understands it. Hope my teacher see this video for him to realize how much stupidity he makes.

[@mashersmasher]

Ditto on you explaining it well! My instructor is very knowledgeable but doesn't explain himself very well.

[@andreachodera3062]

Thank you SO MUCH! This video helped my son to really understand how T accounts work and why!

[@fiona3470]

This was so so so so helpful. I've been struggling with this concept for so long and it finally clicked!!!!

[@konradverner7981]

Thank you very much for your videos, I am currently studying financial accounting and struggling, you've helped me to a Very good start

[@BruceBalistreri]

Your videos are truly great. You articulate things perfectly, and it really helps me learn. THANKS

[@jeremiahjeremiah1319]

Thanks for the help Matt. you simplified this whole thing for me and made it easier to understand. Your video was clear and thorough and I got the jist of it the first time I viewed it!

[@ratheesrox]

you're the real mvp he makes my accounting work interactive with me being able to revise me shit with my summary notes

[@InterMnag]

thank you for doing this videos! Thanks to watching them I understood t-accounts and I pass my exam! thank you, once again :)

[@MrNahidahmed]

Excellent he is 100% correct...

[@abeltasman70]

You are a fantastic lecturer. Thanks

[@gregk6112]

One more question. Say you begin to use a new piece of financial management software. You enter an inventory balance. Obviously that would be an asset. What is the other side of that transaction? I don't see how it is an expense. Thank you for this wonderful course. I did start reading Fundamental Accounting Principles. Very good book, surprisingly enjoyable. Thanks for the recommendation.

[@Redeemedbylove1987]

Yay! Toby from the Office.

[@DVNKLLS]

Thomas Bigby I was totally thinking the same thing

[@mattfisher64]

You are correct. I made a mistake and need to re-do this video. Even professors make mistakes. Sorry if this caused you any problems but I'm glad you figured it out!

[@LauraMarieD3]

are you referring to how you put Dr on the credit side of the T Chart? That def threw me for a loop. lol but otherwise nice video. It is linked to my course at McMaster University in Hamilton (many of your videos are)

[@miriamvargas1712]

professor this is great thank you so much ! i think you put the debit on the wrong side of the withddrawls and expense t account. debits go to the left and you put those to the right of those 2 t accounts

[@jenniferbanda7625]

i pray ill get a teacher like you who looks interested in accounting and understands it well. im still in high school and i bought a college accounting book because im worried ill get a teacher that wont teach it well. :/

[@mattfisher64]

You are correct and I have put the corrected video at the address above. Please view that video. Thanks!

[@dinakongofficial]

Hi Matt, I was very bad in accounting class. I don know how to follow up with account. I was very sad with my accounting result, so what would you recommend me to do thing in order to raise me up from those obstacle please. I would like you get your suggest through chatting or email, if you don't mind. Thank

[@iamlegend68]

Thanks, I understood it within the first 2 mins.

[@BlueWiggs]

If debits means the left and credit means right why is debit on the right in withdrawals and expenses? So confusing!

[@crystalchin6558]

its an error revised video is in the description bar

[@Fchouaieb]

GGGGGGGGGGGGGGGGGGGGGGGGGGGGGod bless you Sir , much respect , you are helping the world

[@carobea]

You are such a great teacher

[@pbmeeko]

man, thanks teacher. I'm trying to understand this stuff and your my lifesaver.

[@Uplifted2012]

Matt, if you ever get the chance, please update this video. I am a visual learner...so SEEING the DR. on the wrong side is stuck in my head. I have to do a lot of reversing in my head in order to understand what you MEANT to say. Other than that, I have enjoyed your videos. You will be a constant companion during my Financial Accounting learning journey.

[@mattfisher64]

Uplifted2012 I have the corrected video URL listed with that video. Sorry

[@Uplifted2012]

Ohhh (slaps my forehead)! I was so busy watching that I didn't notice the new URL in the information box...smh...Thanks, Matt. I appreciate your prompt follow-on response.

[@love_exegence]

You are so beautiful

[@JuliaBuglia]

4:30 and on when you talk about equity decreasing with w/d and expense, why does DR go on the RIGHT side this time?

[@bnonchalant593]

OMG such a life saver I absolutely love you and I needed this because I was completely clueless i really appreciate you and you rock

[@aribeironyc]

You are my hero! ! ! THANKS A LOT. The best lecture I have ever had on account. What book are you talking about??? Also where do you teach??? THANKS! :)

[@kiki7772001]

I see what he is saying that the following chapters are very confusing if you do not get this part down. I was afraid to move on to the next lesson because I was not understanding this part of the double entry system.

[@Poshpartiz]

Very impressive and well explained. Thank you. Btw, what book do you keep referring to? I would like to buy this book but cannot find any information on it in your videos.

[@Happy2be4c]

Thank you this helps a lot !!!!

[@mattfisher64]

The new video is titled T-accounts DR & CR. The video that you watched has the mistake but I inserted the annotation that explains my mistake which takes place at the end of the video. I am glad that these videos are assisting you!

[@itsammar_]

ty so much i just had this lecture yesterday but couldnt keep up with it im from pakistan btw

[@williampratt5853]

Matt, there are some errors just after 4:23, you place debits on the RHS of the t-account, should be on the LHS.

[@johnnyfuentes888]

Thanks dude. This is helping me with my HW right now...

[@litediox2833]

I am reviewing all your classes one by one thanks for this vedios

[@mattfisher64]

It was a mistake. I noted that in the description

[@mattfisher64]

Even professors make mistakes. You guys are correct. I did make a mistake towards the end of the video. The expenses and withdrawals should have their debits on the left, like I mention throughout the video. The credits are on the right. Sorry for the error.

[@darshansingh8217]

Hello Sir, Could you please provide book information. Thanks

[@TipKilby]

As of March 31, 2012, this video is still showing INCORRECT information starting at 4:20 time. Debits are NEVER on the right side. Mr. Fisher agreed that he had made this mistake earlier in this comment stream and promised to fix it. He apparently has not found time to do so yet, so... viewers please be aware that this video is PARTIALLY wrong. (BTW, the rest of the video is well done!)

[@Am3rIca16]

You're a great teacher! thank you

[@YogeshSharma-gg3el]

Guys, Got a small question, With CR in Revenue equity gets increase and so does Assets, is it possible to have Debit for Revenue (As Asset gets decrease and so does Equity).

[@mattfisher64]

I am using Fundamental Acounting Principles by Wild, Shaw and Chiappettta.

[@farahjoy69]

thank you so much for videos, they are very helpful to me although my book is Financial Accounting but still i am learning the principle of accounting.my question is you replied to Kevin that you will redo this video "T-Accounts and Debits & Credits - Ch. 2 Video 1" for the errors I couldn't find the correct video will please help me with this issue. thanks

[@coachcarmencadena]

You're a life saviour! Thanks sooooo much!

[@gloriousdude6888]

Thank a lot sir for the explanenation it is really helpful

[@VishnuNaam]

Thank you so much. I fully understand it now. I look fwd to watching more of the video's as i progress. i just wish is was in IAS format, but nonetheless, you sure explained the concept well. :)

[@sabrinavictory]

Thank you so very much. This has helped me so much.

[@chivita1061]

Thank you sooo much! Very helpful!

[@VoxScripts]

Don't you need to have a t account for bank with credit side of $100?

[@football8448]

Read description of video. It has the link to the correct video. If you were confused at 4:30

[@daniawania]

@mattfisher64 This is my third attempt at reasoning it, I conclude that: 1. any increase in an Asset account should be placed on the left/debit side. And 2. this relationship is flipped when we cross the = sign so that any increase in a Liability or Equity account should be placed on the right/credit side. But 3. because the W/d and expenses accounts are negative, it is "unflipped" such that any increases in an expense acc should be place on the left/debit side. Can I go ahead with this sir? :D

[@franbonadies2045]

this guys a beast

[@hammamtv6993]

Thanks✌✌

[@pixiestix151]

quick question for anyone on right now would returning something and getting credit for it decrease accounts payable if you bought it on account?

[@navutokaboy]

You have just confused me totally by making the enpenses and withdrawl accounts dr (debit) on the right side when u just said dr is left and cr is right????

[@RetroWoot]

For accounts payable,salary and wages, and cash what is the effect of hiring someone versus the effect of paying someone, lets say at a monthly salary of $2,480. I think that hiring only effects salary and wages but not the others but i cant get an explanation out can you please help me out here :) with thanks Student Rodriguez.

[@arielleon2401]

But debit means left... (you put it on the right on the expenses)

[@catherinefelicetta8821]

why did you put the Dr on the right side ? on the W/d and Ex?

[@usnaccountant]

Why did you put the DR on the right side of the T account for W/D and Exp? Shouldn't it be on the left side?

[@hmylo]

YOur debit on your withdrawal and expenses are on the wrong side of your t account. It is confusing.

[@sylwiakay1881]

Hi I'am litlle bit confuse why did you post in W/D and Exp debit on the right side if Debit mean to the left...?

[@animelover2910]

Omg I love you so much this is so helpful for last minute revision you're saving my ass maan

[@banakumem]

Are you sure that expanse is increased on credit side?

[@daniawania]

@mattfisher64 Makes a lot of sense Sir, except for the jargon Debit and Credit, which we defined as a place on the T, left or right. So if a debit means left... how do we "increase with a debit" etc, when debit means left. There is a shadow in my comprehension here. :( Is there any other expression of the words Debit and Credit, besides left and right, that would help me understand the quote above? Your videos are much appreciated Sir!! :D

[@victorperu89]

why did you put DR and CR opposite for W/D and Expenses, you said that "debit means to the left and credit means to the right"

[@adibpourmike]

@mattfisher64 thanks for writing this. i was going crazy trying to figure out why you put DR on the right side...btw, thank you so much for the videos.....

[@MingCry]

Hi.I am a new guy who beginning learning FIA lessons.I'm still confuse with why withdrew and exp. are debit in the right side.I am Chinese.

[@EasyKiwi111]

What happens if the 2 sides are equal how do you record that on a trial balance sheet

[@ash0alhowar190]

in a trial balance sheet when both are equal it means u have done it correctly.

[@jenniferbanda7625]

if the debit and credit of an account are equal. ex: debit= $100 / credit= $100. the balance of that account is 0. 100-100=0.

[@Azzoic]

Heh, Saudi studying first time studying Accounting, can't understand anything from my doctor, and it's just flipped here, since DR is on the right and CR is on the left in Arabic. Good video nonetheless, I did understand it perfectly.

[@hammad.taalibdin7]

Which text book is he referring to?

[@lisport7]

hey there, i was wondering how i would show a company being sold, would i hvae to make another ledger for it

[@alexkong7982]

nice but i want a example of T account , my confusion is the format of the T account

[@faeesalasuwat6773]

Thank you so much

[@ernie3628]

Hero !!

[@josmith317]

@DaniaOMGWania I am always trolling for ways to explain this stuff to my students. There is a memory aid I have tried to give to students which is DEAD COIL. If you draw a T-account on the left hand side would be DEAD and the left had side would be COIL. The left had side would be Debits that increase Expenses, Assets, and Dividends. The right hand side is Credit and increase Owner equity, Income and Liabilities. It is not so much flipping = sign as debits must equal credits.