In Chapter Two, we learn about debits and credits and the double-entry accounting system.

Review the LinkedIn Learning video below. It will explain some of the greatest mysteries of accounting: Debits and Credits and the Double-Entry Accounting System.

Debits and Credits [5:53]

After viewing the video clip respond to the following:

• In one word, what does the word debit mean?
• In one word, what does the word credit mean?
• In the double-entry accounting system, the pulses and minus of each account are kept in two columns. Why?
• How does the T-Account help facilitate the double-entry accounting system process?
• At least 150  in length