BookKeeping For Musicians Pt. 2 – 2/13/14

The Five Main Sources Of Income

(1) Merchandise
(2) Royalties
(3) consulting
(4) gig money
(5) teaching music

Im also starting to kind of understand debits and credits.

Every transaction affects at least TWO accounts.

With cash

Whenever cash is received, the Cash account is debited (and another account is credited).

Whenever cash is paid out, the Cash account is credited (and another account is debited).

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