Tackling the Canvas

Chapter 15

Nora

I couldn't help but roll my eyes at him, amused as I set my bag down on the library table. Owen came jogging over, a wide grin plastered on his face. Before I could even react, he planted a quick kiss on my cheek and plopped down on the chair opposite me.

"We meet again, Miss," he teased with that playful smirk of his. I shook my head, trying to hide the smile creeping up on my lips.

"Okay, seriously. What exactly do you need help with?" I asked, cutting straight to the point.

"Accounting," he blurted out, not wasting any time.

I raised an eyebrow. "Don't you have that class four times a week?"

He let out a groan, his lips pressing into a thin line. "Yeah, but his voice is *soooo* boring," he said, dramatically dragging out the 'so.' "I can barely stay awake, let alone understand what he's going on about."

I couldn't help but chuckle, shaking my head. "Alright, let's see what you've got so far... if anything."

I started flipping through his notes, glancing up at him. "Alright, let's start with the basics. Do you understand the accounting equation?"

A blank stare filled his gaze as he scratched the back of his head. "Uh... Assets = Liabilities +... something?"

I couldn't help but chuckle softly. "Close. It's Assets = Liabilities + Owner's Equity. That equation is the foundation of accounting. Everything revolves around it."

He raised an eyebrow in confusion. "Okay, but what does that actually mean?"

"Alright," I said, adjusting myself in my seat to explain better. "Imagine you're starting a business. Your assets are everything the business owns—cash, equipment, supplies. Liabilities are what the business owes—like loans or any debt. And Owner's Equity is your stake in the business, what's left after you pay off all the liabilities."

Owen nodded slowly, processing the information. "So... if I buy a truck for the business, that would be an asset, right?"

"Exactly," I replied with a smile. "But if you didn't pay for it all upfront and took out a loan to buy it, that loan becomes a liability."

His face lit up in understanding. "Ah, I get it now. So the truck would be an asset, and the loan I used to buy it would be a liability. And if I paid part of it out of my own pocket, that would be equity?"

I nodded, pleased with how quickly he was catching on. "That's right! And remember, the equation always has to balance. If you increase one side, the other side has to increase too. That's why it's called 'double-entry accounting.' Every transaction affects at least two accounts."

Owen scratched his head in confusion, groaning. "But debits and credits always trip me up. Aren't debits supposed to be bad and credits good?"

I shook my head with a small laugh. "That's a really common misunderstanding. It's not about 'good' or 'bad.' Think of debits and credits as directions. A debit increases assets or expenses, and a credit either decreases assets or increases liabilities or equity."

His eyebrows furrowed slightly. "So if I buy something, that's a debit? Like, if I pay for new equipment?"

"Yes!" I said, happy to see him following along. "When you buy equipment, you're increasing your assets, so that's a debit to your asset account. But, since you're using cash to pay for it, your cash account decreases, which is a credit."

Owen paused, thinking for a moment. "So... for every debit, there's a credit? They always balance?"

"Exactly!" I replied, nodding. "They always balance. Every transaction has two sides—one debit and one credit. That's what makes accounting balanced. The tricky part is figuring out which accounts to debit and which to credit."

He let out a small groan, running his hands through his hair. "Yeah, that's definitely the tricky part."

I smiled at him reassuringly. "It gets easier with practice. Just remember the general rule: if you're increasing an asset or expense, it's a debit. If you're increasing a liability or equity, it's a credit."

Owen leaned back in his chair, his signature grin spreading across his face. "Alright, I think I'm getting it now. So if I take out a loan for the business, the cash I get would be a debit because it's an asset, and the loan would be a credit because it's a liability, right?"

I felt a surge of pride as I smiled at him. "Exactly! You've got it."

"All thanks to my amazing tutor," he said, shooting me a playful wink. I smirked, teasing back. "We'll see if you still say that after I quiz you."

He groaned dramatically. "Okay, maybe not *that* amazing..."

____

The next day, we did a similar study session but focused on different themes and approaches. I could see him slowly getting more comfortable with the material, though he still struggled here and there. By Thursday, it was time for his accounting test, and I waited outside Professor Johnson's class to hear how he thought he did.

When I spotted him walking out, I smiled, hoping for good news. Owen caught sight of me and immediately wrapped his arms around my waist, pulling me into a hug. "I'm sure I'll fail," he muttered with a grin, resting his forehead against mine.

I laughed softly, playfully rolling my eyes. "Not the confidence I was hoping for."

"Hey," he said, squeezing me a bit tighter, "not because of your tutoring, though. You were great. But my brain? It's a lost cause."

I lightly poked his chest. "I'm sure you did better than you think."

He sighed, his smile softening. "Well, if I don't fail, it'll be because of you."

I nudged him teasingly. "We'll celebrate if you pass, and if not, I guess it's back to tutoring."

Owen groaned playfully. "Please, no more accounting..."