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Post Info TOPIC: Debits and Credits
foliouk


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Debits and Credits
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If anyone else struggles to remember what accounts you need to debit and credit, I've just learnt this which is pretty cool:

'EARLE'

E=Expenses
A=Assets
R=Revenue
L=Liabilities
E=Equity

E and A are debits everything else is a credit.

Amazing what you can find on the net!

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Sundance


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Thats cool!

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Athena


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This is very helpful. As I mentioned in my introduction, I've struggled with bookkeeping for years and have just now decided it's time to get serious about it for the sake of my freelance writing business. Every little tip I can pick up helps tremendously!

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foliouk


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Glad you found it useful!

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kellie0702


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Its Pearls not earles

P=Purchases
E=Expenses
A=Assets
R=Revenue
L=Liabilities
S=Sales

Am studying book keeping and accounts at the mo.

There is also Specal

S=Sales
P=Purchases
E=Expenses
C=Capital
A=Assets
L=Liabilities

aww

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foliouk


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I really like the special mnemonic as it identifys the basic layout of a set of accounts. Wish I'd known that one when I was trying to learn the proforma's cry

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