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On Wed, 2006-01-25 at 18:52 -0600, Dale Alspach wrote:
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<FONT COLOR="#000000">Someone posted something like this to this list a while ago</FONT>
<FONT COLOR="#000000">as an easy way to remember:</FONT>
<FONT COLOR="#000000">Money flows from credit to debit.</FONT>
<FONT COLOR="#000000">Examples:</FONT>
<FONT COLOR="#000000">(money flows left to right in these)</FONT>
<FONT COLOR="#000000">Pay cash for a meal</FONT>
<FONT COLOR="#000000">credit account asset:cash and debit account expenses:food</FONT>
<FONT COLOR="#000000">Pay your credit card bill by check</FONT>
<FONT COLOR="#000000">credit account asset:checking and debit account liabilities:credit card</FONT>
<FONT COLOR="#000000">Get paid and deposit into checking</FONT>
<FONT COLOR="#000000">credit account income:job and debit account asset:checking</FONT>
<FONT COLOR="#000000">Buy a shirt using a credit card</FONT>
<FONT COLOR="#000000">credit account liabilities:credit card and debit account expenses:clothing</FONT>
<FONT COLOR="#000000">Dale Alspach</FONT>
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Thanks, these explanations do make it more clear. I will get used to the terminology. <BR>
<BR>
Gregg
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