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alysonbooker_
Mind Map by , created more than 1 year ago

Help me to learn the accounting equation and what debit and credit mean.

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alysonbooker_
Created by alysonbooker_ almost 10 years ago
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What Is The Accounting Equation?Assets = Liabilities + Owners Equity and ProfitWhat is a debit entry?Debit is an accounting entry which means it wouldincrease an asset or decrease a liabilityWhat is a credit entry?Credit is an accounting entry which means it wouldincrease a liability or decrease an assetDebit is amount owed to a supplier or companyCredit is an amount received by a customer from a supplier if any goodshave been sent backDouble click this nodeto edit the textClick and drag this buttonto create a new node