Accounting 101 - High School and College Lessons

07/05/2026

Accounting Classifications
Class in session 😎. Here are some examples of accounting classifications 👆.

05/30/2026

Accounting Equation: T-accounts

05/30/2026

Accounting Equation: T-accounts

Knowledge up!😎 The financial statement that the Accounting Equation is represented on is called the "Statement of Financial Position" (aka The Balance Sheet).

Each type of account has a normal balance. For assets, its normal balance is a debit balance. Therefore a debit entry will increase assets. Liabilities and equity both have a normal credit balance, therefore they are increased when credited.

To reduce each type of account, perform the opposite of their normal balance. Since assets have a normal debit balance, a credit entry will reduce them. With Liabilities and equity both having normal credit balances, a debit entry will reduce both.

Ensure to learn these important rules. They lay the foundation of accounting. Save this post for reference and feel free to ask questions. 😎

02/07/2026

02/07/2026

Assets, Liabilities & Equity

02/01/2026

The Balance Sheet & The Accounting Equation

RECAP
Assets = Liabilities + Equity

Assets → what the business owns or controls
Liabilities → what the business owes
Equity → what belongs to the owner

THE BALANCE SHEET

The accounting equation explains business transactions at a point in time (example, December 31, 2025).

This equation is presented on the financial statement called the Balance Sheet, where assets equate to liabilities + equity. It must balance.

➡️ In the next phase, debits and credits are introduced as the system used to maintain this balance.

01/28/2026

Quiz Time

01/28/2026

01/27/2026

Quiz 2 😎

Questions are welcomed. Please feel free to ask in the comments section or DM. We're here to help.