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tep 1. Classification of accounts:

You could classify an account as either real, personal, or nominal.
(a) Real accounts represent your assets like cash, land, machinery, etc.
(b) Personal accounts represent persons (individuals, corporations, etc.) like
suppliers, customers, bankers, borrowers, etc.
(c) Nominal accounts represent incomes and expenses like rent, salary, interest,
etc.

Step 2. The Three Golden rules:

For each of the aforementioned categories, you have the three Golden rules.
1. Real accounts: Debit what comes in, credit what goes out
2. Personal accounts: Debit the receiver, credit the giver
3. Nominal accounts: Debit all expenses and losses, credit all incomes and gains.

abilities (resources) will always equal the net balance of gains over losses (results):
NET RESOURCES = NET RESULTS
Rule 4
In accounts dealing with assets and liabilities, all assets are recorded as debits, and liabilities
as credits. It follows from this that:
(a) increases in assets positive resources are DEBITS;
(b) decreases in assets positive resources are CREDITS;
(c) increases in liabilities negative resources are CREDITS; and
(d) decreases in liabilities negative resources are DEBITS.
Rule 5
In accounts dealing with gains and losses, all gains are recorded as credits and all losses as
debits. It therefore follows that:
(a) increases in gains or surpluses positive results are CREDITS;
(b) decreases in gains or surpluses positive results are DEBITS;
(c) increases in losses or deficiencies negative results are DEBITS; and
(d) decreases in losses or deficiencies negative results are CREDITS.
Assets - Debit balance
Liabilities - Credit balance
Equity - Credit balance

Revenue - Credit balance

Expenses - Debit balance

1. T
h
e

owner brings cash from his personal account into the business
Analysis:
Cash (an asset) is increased thus debit Cash
Owner capital (an equity) is increased thus credit Owners' Capital
2. Office supplies are purchased on account
Analysis:

Office Supplies (an asset) is increased thus debit Office Supplies

Accounts Payable (a liability) is increased thus credit Accounts Payable
3. Wages payable are paid
Analysis:
Wages Payable (a liability) is decreased thus debit Wages Payable
Cash (an asset) is decreased thus credit Cash
4. Revenue is earned but not yet received
Analysis:
Accounts Receivable (an asset) is increased thus debit Accounts Receivable
Revenue (a revenue) is increased thus credit Revenue