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Explain to him the rules of debits and credits for the balance sheet and income statement.

Explain to him the rules of debits and credits for the balance sheet and income statement.

Assignment Name: Unit 1 Discussion Board Deliverable Length: 3 to 4 paragraphs Details: Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software. Explain to him the rules of debits and credits for the balance sheet and income statement. Provide examples from the manufacturing industry of: a journal entry that would be recorded that impacts the balance sheet. a journal entry that would be recorded affecting the income statement. Please provide the assumptions behind the transactions and the full journal entries. For assistance with your assignment, please use your text, Web resources, and all course materials. Please refer to the following multimedia course material(s): Unit 1: Accounting Fundamentals Unit 1: Fundamental Accounting Principles In your own words, please post a response to the Discussion Board and comment on other postings. You will be graded on the quality of your postings.

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