Accounts: Debit or Credit?

The accounts listed below on the left typically have a debit balance and the accounts listed
below on the right typically have a credit balance. Remember, the account may have a
balance that is uncharacteristic because of transactions that are posted during the accounting
period.
***Note: This list is not intended to be comprehensive. You may be asked to create accounts
that are not listed below. ***

Debit Credit
Assets Liabilities
Cash/Bank Accounts Payable
Accounts Receivable Salaries Payable
Notes Receivable Wages Payable
Supplies Notes Payable
Inventory Interest Payable
Land Income Taxes Payable
Building HST Payable
Equipment GST Payable
Furniture PST Payable
Automobile Bank Loan
Delivery Truck Unearned Revenue
Prepaid Expenses Mortgage Payable
Dividends Payable
Costs Bonds Payable
Purchases Bond Interest Payable
Freight-In/Transportation-In
Cost of Goods Sold Capital / Owner’s Equity
Capital
Expenses Retained Earnings
Salaries Expense Common Shares
Utilities Expense Preferred Shares
Supplies Expense Contributed Capital in Excess of
Insurance Expense Stated Value
Rent Expense
Bad Debt Expense Revenue
Miscellaneous Expense Revenue
Amortization/Depreciation Expense Sales
Bond Interest Expense Fees Earned
Inventory Shortage Dividend Revenue
Freight-Out / Delivery Expense Miscellaneous Revenue
Loss on Sale of an Asset Gain on Sale of an Asset
Contra Accounts Contra Accounts
Drawings Allowance for Doubtful Accounts
Sales Returns & Allowances Purchase Returns & Allowances
Sales Discounts Purchase Discounts
HST Recoverable Accumulated Amortization
GST Recoverable Accumulated Depreciation
Discount on Bonds Payable

An evaluation version of novaPDF was used to create this PDF file.

Purchase a license to generate PDF files without this notice.