Typical Debits and Credits

Cash
Beginning Balance Cash purchases of merchandise
Cash Sales of merchandise Cash purchases of fixed and other assets
Collection of other revenues Payment of expenses
Proceeds from sales of fixed and other assets Payments to creditors and other lenders
Sales of corporation's own stock and bonds for cash Redemptions or retirements of corporations own stock
and bonds
Collections from customers, stock subscribers, and other Loans granted to others
borrowers
Proceeds of loans taken Payment of cash dividends
  Ending Balance

Accounts Receivable
Beginning Balance Collections from customers to apply on account
Sales of merchandise on account Discounts granted to customers
Trade notes dishonored by the maker Receipts of notes from customers as temporary
settlement of open accounts
Restatement of previously written off customer's Worthless receivables written off
accounts
  Assignment or sale of customers account
  Ending balance

Notes Receivable
Beginning Balance Collections from note makers
Sales of merchandise in exchange for notes Notes dishonored by the makers
Receipts of notes from customers as temporary Ending Balance
settlement of open accounts
Loans granted in exchange for promissory notes

Allowance for Doubtful Accounts

Worthless receivable written off Beginning balance
Ending Balance Restatement or recoveries of previously written off
accounts
  Adjusting entry for the estimated doubtful accounts

Land, Building and Equipment

Beginning Balance Disposals, retirements and sales
Acquisitions Ending balance
Additions, betterments and replacements and certain
types of capital expenditures

Accumulated Depreciation
Certain types of capital expenditure Beginning balance
Portion of the balance pertaining to assets disposed, Adjusting entry for depreciation
retired or sold
Ending balance

Accounts Payable
Payments to creditors to apply on account Beginning Balance
Discounts granted by creditors Purchases of merchandise on account
issuance of notes to creditors as temporary settlement Purchases of fixed assets, other assets, and services on
of open accounts account
Returns and allowances related to purchase on account
Ending balance
 Notes Payable
Payment to notes payees Beginning balance
Ending balance Purchases of merchandise in exchange for notes
  Purchases of fixed assets, other assets and services in
exchange for notes
  Issuance of notes to creditors as temporary settlement of
open accounts
  Loans taken in exchange for promissory notes
Share Capital
Liquidating dividends Beginning balance
Permanent cancellation of reacquired shares of stock Issuance of certificate of stock for fully paid
subscriptions
Corporation quasi-reorganization by proportionate Issuance of certificate of stock in exchange for cash,
reduction of the outstanding shares or par value per fixed and other assets
share
Ending balance Issuance of certificates as stock dividends
Share Premium
Debits from certain share capital transactions Beginning Balance
Ending Balance Excess of issue price of share capital over the par value
or stated value
  Credits from certain capital stock transactions
  Donated Capital

Retained Earnings
Dividends declared Beginning Balance
Establishment and increases of the appropriations Reversals and decreases of the appropriations
Net loss for the period Net income for the period
Debits from certain capital stock transactions Credits from prior years adjustments
Debits from prior years adjustments
Ending Balance

Sales
Closing entry at the end of the period Total Sales (cash or on account

Purchases
Total Purchases (cash or on account) Withdrawal of merchandise, valued at cost, by a
proprietor or a partner
  Closing entry at the end of the period

Revenues
Reversing entry for the accrued revenue of last period Reversing entry for the unearned revenues of last period
Adjusting entry for revenues already collected but not yet Revenues collected
earned
Closing entry at the end of the period Adjusting entry for revenues already earned but not yet
collected
  Adjusting entry for the earned portion of the revenues
collected in advance

Expenses
Reversing entry for the prepaid expenses of last period Reversing entry for the accrued expenses of last period
Expenses paid Adjusting entry for expenses already paid but not yet
incurred
Adjusting entry for expenses already incurred but not yet Closing entry at the end of the period
paid
Adjusting entry for the used or expired portion of the
expenses paid in advance