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Accounting Categories (Debit and Credit Balances) - Financial Accounting (FAC) CA$6.92
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Accounting Categories (Debit and Credit Balances) - Financial Accounting (FAC)
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  • Course
  • FAC1
  • Institution
  • Hanzehogeschool Groningen (Hanze)
  • Book
  • Financial Accounting with International Financial Reporting Standards

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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Document information

  • February 12, 2024
  • 3
  • 2023/2024
  • Other
  • Unknown

Subjects

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

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  • Hanzehogeschool Groningen (Hanze)
  • International Business and Management Studies
  • FAC1
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Content preview

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)

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