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Month: June 2018

Understanding Debits and Credits: A Cheat Sheet

Understanding Debits and Credits: A Cheat Sheet

If you have been reading the The Debt Books blog for awhile, you might remember our Credits vs. Debits series if not, check out Round 1, Round 2, and Round 3. If you’re new here, we’d like to take a quick moment to revisit the topic. Trying to figure out if an account goes into the Debit or Credit account can get a little confusing, so our Bean Counter has put together quick reference guide to help you keep your credits and debits straight. It helps to think about Debits and…

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Debits and Credits: Round 3

Debits and Credits: Round 3

Ding! Ding! Ding! It’s time for the third and final round of the Debit and Credit Showdown, which means you’re one step closer to understanding debits and credits. During Round 1, we learned some of the big punches that debits and credits pack. In Round 2, we bobbed and weaved our way around the double-entry system, and for Round 3 it’s time to pull out our big guns because we’re going to knock out the recording process. There are three steps to the…

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Debits and Credits: Round 2

Debits and Credits: Round 2

In Round 1, we learned the very basics of debits and credits, but this time around, we’re going to step it up a notch. If you need a quick refresher, take a second to look over what we discussed last time. To start this round we’ll talk about the T-Account, which consists of three parts – the title, the left side (aka debit), and the right side (aka credit). It’s called a T-Account because in its most basic form, it looks…

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Debits and Credits: Round 1

Debits and Credits: Round 1

Ok, so the showdown isn’t debits versus credits, its debits and credits versus our understanding of them… or lack thereof. Hopefully by the end of this match you’ll come out victorious. With that said – LET’S GET READY TO RUMBLE! Any good boxing coach will tell you two things. The first is to get to know your opponent, so that’s exactly what we’ll do and the best way to do that is to throw out everything that we think we…

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Court Rules CCCS Transfers Fraudulent

Court Rules CCCS Transfers Fraudulent

On January 13, 2018, the Indiana Court of Appeals rendered a significant ruling for creditors. In the case of Commercial Credit Counseling Services, Inc. (“CCCS”) vs. W.W. Grainger, Inc., Lose Bros., Inc., and XSE Group, Inc. (“Creditors”), the court affirmed two separate lower court rulings declaring transfers to CCCS fraudulent as to Creditors. The Creditors’ Rights Section of the Commercial Law League of America funded an Amicus brief, and the League was granted Amicus Curiae status in the appeal. The…

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