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Accounting Categories (Debit and Credit Balances) - Financial Accounting (FAC)

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2023/2024 Written for academic year
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Hanzehogeschool Groningen (Hanze)
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FAC1
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This note provides the overall picture of what accounts are debited, credited, as well as how you would approach transactions (selling or buying) in a perpetual and periodic inventory system.

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Assets: Equity:

Cash - (Debit Balance) Share Capital Ordinary - (Credit Balance)
Accounts Receivable - (Debit Balance) Retained Earnings - (Credit Balance)
Supplies - (Debit Balance)
Prepaid Insurance - (Debit Balance) Income Statement Accounts:
Prepaid Rent - (Debit Balance)
Equipment - (Debit Balance) Revenue
Inventory - (Debit Balance) Service Revenue - (Credit Balance)
Accumulated Depreciation - Contra-Asset (Credit Sales Revenue - (Credit Balance)
Balance) Sales Returns and Allowances - Contra-Revenue
(Debit Balance)
Liabilities: Sales Discount - Contra-Revenue (Debit Balance)

Accounts Payable - (Credit Balance) Expenses
Notes Payable - (Credit Balance) Cost of Goods Sold - (Debit Balance)
Interest Payable - (Credit Balance) Supplies Expenses - (Debit Balance)
Income Taxes Payable - (Credit Balance) Depreciation Expenses - (Debit Balance)
Salaries and Wages Payable - (Credit Balance) Insurance Expenses - (Debit Balance)
Unearned Service Revenue - (Credit Balance) Salaries and Wages Expenses - (Debit Balance)
Advertising Expense - (Debit Balance)
Income Tax Expense - (Debit Balance)
Interest Expense - (Debit Balance)
Rent Expense - (Debit Balance)
Freight-Out (Delivery Expense) - (Debit Balance)
Connected book
image
Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso Financial Accounting
Publisher: Unknown ISBN: 9781119504306 Edition: 4

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International Business and Management Studies
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Browse related subjects

Subjects

  • assets
  • liabilities
  • equity
  • debt
  • credit
  • perpetual
  • periodic

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