ASSET LIABILITIES EQUITY REVENUE EXPENSE

Cash Accounts Payable Capital Sales Salaries Expense

Cash Equivalent Notes Payable Drawing Rent Income Supplies Expense

Marketable Securities Advertising Expense

Loan Payable Income Summary Service Income
Delivery Expense
Account Receivables Unearned Revenues Interest Income or Freight Out
Interest Receivable
Accrued Liabilities Commission Depreciation Expense
Income
Advances to Employees
Utilities Payable Maintenance
and Repair Expense
Accrued Income
Taxes and Licenses
Utilities Expense
Inventories Payable
Rent Expense
Merchandise Inventory SSSandPhilHealth
Payable Insurance Expense
Prepaid Expenses
Mortgage Payable Interest Expense
Office Supplies on Hand
Bonds Payable Telephone
Allowance for Bad Debts
and Telegram
Accumulated Depreciation

Long-Term Investments

Property,Plant and Equipment

Land

Building

Equipment

Furniture and Fixture

Tools

Intangibles Assets
 Rules of Debit and Credit
 Increases in assets are recorded as debits; decreases are recorded as credits
 Increases in liabilities are recorded as credits; decreases are recorded as debits
 Increases in equity are recorded as credits; decreases are recorded as debits

 Increases in contra-assets accounts are recorded as credits; ex. Accumulated

depreciation
 Increases in contra-liabilities accounts are recorded as debits; ex. Discount on
bonds payable
 Increases in contra-equity accounts are recorded as debits; ex. Buying back
treasury stocks.