100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Accounting Categories (Debit and Credit Balances) - Financial Accounting (FAC) $4.81
Add to cart

Other

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

 14 views  0 purchase
  • Course
  • Institution
  • Book

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.

Preview 1 out of 3  pages

  • February 12, 2024
  • 3
  • 2023/2024
  • Other
  • Unknown
avatar-seller
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)

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller amy5430. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $4.81. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

52510 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$4.81
  • (0)
Add to cart
Added