We are now in the second quarter of the year. The first three months, we Jumped into January, then we were Fabulous in February and we Maximized in March.
Now, in April, we have a brief accounting lesson. One of the main lessons in an accounting class is to learn the “T” account. Using a “T” account in business is known as double entry accounting. This type of account is used to separate the debits from the credits. In other words, a “T” account is used to keep the money you are spending accounted for and balanced, as different transactions happen in the month. The debits are considered the income. The credits are what you purchased with the income
This is a way to keep track of spending. Picture the “T” as a scale, if one side is to heavy, that side of the scale is lower than the other side of the scale and is out of balance. We want our income side of the scale to be heavier with more money or weight than the expense side of the scale.
Notice the “T” in the picture of this scale? To balance it both sides must be even. If the side that has money, income or savings is lower than the other side then it’s all good! This is just another example of how you can keep your mind on your spending and money!
Until next time….remember to Leave A Legacy Always.
D’Lashelle Porter- Founder/President
L.A.L.A. Nonprofit Org. – lalanonprofit@gmail.com
Gradient
A study in light, color, and form. Created in studio with a collection of damaged lenses that I’ve acquired over the years. Each is available as a 18×24 inch giclee print on archival paper.
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