Question Description

I’m trying to study for my Accounting course and I need some help to understand this question.

This week was another big step in your journey into the world of accounting. Of particular importance was learning about the Double Entry System, Debits & Credits, and the Natural position of categories of accounts.

Instructions:

  • In your own words describe the double-entry system and how it functions in posting transactions into the financial system.
  • In your own words describe what a debit and a credit is.
  • In your own words discuss the natural position of the categories of accounts and what it means to be a natural debit vs. a natural credit.
  • Discuss anything that you found particularly interesting, or particularly difficult to understand. This is important as this will help me to help you.
  • After you have replied, please respond to at least two of your classmate’s postings and further discuss this week’s discussion topic with each other.
  • Make sure your responses are meaningful and discuss what your classmates have shared and your thoughts on it. Avoid posting short responses like “I agree”.
  • If there is anything that your classmates are having trouble understanding and you can help, please do!

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