ACC 290T Wk 2 Discussion – Debits and Credits

Post a total of 3 substantive responses over 2 separate days for full participation.

Due Friday

An initial post must be posted by Friday. Please respond to the following questions:

According to our rules of debits and credits, an increase to an asset (such as our cash account) is a DEBIT and a decrease to an asset is a CREDIT. Why then when we look at our bank statement is a deposit a Credit? and a withdrawal is a debit? Why does that seem backwards?

Due Monday

You may utilize your additional 2+ posts to reply to your classmates’ original posts. I also encourage you to post about any personal experience you might have with this week’s topic. Have you ever seen or used journal entries before? Are you required to provide any kind of code or GL Code to any paperwork you process at work? How might that code you provide at work link to these accounting concepts? Do you utilize any accounting software at work like Quickbooks and how does that relate to these debits and credits? You can also utilize these posts to ASK questions! If you are unsure about any of the new terminology or any of the topics from the text, please use these discussions to learn.

EXPECTATIONS

There are no formal word count requirements for these posts, however, they must be substantive. This means I will not be counting the typical throw away post….. “I really like your post, Joe. It really helped me understand ____x__ topic this week”. You actually will need to add something meaningful to the discussion in order to get credit for participation in the discussions. TRUST me it will help!