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  • 02 - Activity - 1 (5) Aclan, Mary Lord F. (Basic Accounting)

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    Mary lord Aclan
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    The document summarizes the rules of debit and credit for various accounting items. It provides a table that lists 30 accounting titles and indicates whether each item is an asset, liability, revenue, or expense. It also specifies the normal balance (debit or credit) for each item. Some key items include: office supplies as an asset with a normal debit balance, supplies expense as an expense with a normal credit balance, accounts receivable as an asset with a normal debit balance, and professional fees as a revenue with a normal credit balance.

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    02_activity_1(5) Aclan, Mary Lord f. (Basic Accounting)

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    The document summarizes the rules of debit and credit for various accounting items. It provides a table that lists 30 accounting titles and indicates whether each item is an asset, liability, revenue, or expense. It also specifies the normal balance (debit or credit) for each item. Some key items include: office supplies as an asset with a normal debit balance, supplies expense as an expense with a normal credit balance, accounts receivable as an asset with a normal debit balance, and professional fees as a revenue with a normal credit balance.

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    © All Rights Reserved
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    14 views1 page

    02 - Activity - 1 (5) Aclan, Mary Lord F. (Basic Accounting)

    Uploaded by

    Mary lord Aclan
    The document summarizes the rules of debit and credit for various accounting items. It provides a table that lists 30 accounting titles and indicates whether each item is an asset, liability, revenue, or expense. It also specifies the normal balance (debit or credit) for each item. Some key items include: office supplies as an asset with a normal debit balance, supplies expense as an expense with a normal credit balance, accounts receivable as an asset with a normal debit balance, and professional fees as a revenue with a normal credit balance.

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    © All Rights Reserved
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    of 1

    BM1705

    Aclan, Mary lord F. September 27, 2021


    BSA 1Y1 BASIC ACCOUNTING
    Rules of Debit and Credit
    The following table summarizes the rules of debit and credit. For each item, indicate whether it is an asset,
    liability, revenue or expense by putting a check (✔) mark on the proper column and indicate whether the
    normal balance is a debit or a credit.

    NORMAL
    ACCOUNT TITLE ASSETS LIABILITIES REVENUES EXPENSES
    BALANCE
    1. Office Supplies  DEBIT

    2. Supplies Expense  CREDIT

    3. Accounts Receivable  DEBIT

    4. Professional Fees  CREDIT

    5. WHT Payable  CREDIT

    6. Wages Payable  CREDIT

    7. Land  DEBIT

    8. Notes Payable  CREDIT

    9. Machinery  DEBIT

    10. Customer’s Deposit  DEBIT

    11. Utilities Expense  DEBIT

    12. Fees Earned  DEBIT

    13. Furniture & Fixtures  DEBIT

    14. Commission Expense  DEBIT

    15. Building  DEBIT

    16. Franchise Fee  DEBIT

    17. Unearned Revenue  CREDIT

    18. Sales  CREDIT

    19. Rent Expense  DEBIT

    20. Advertising Expense  DEBIT

    21. Notes Receivable  DEBIT

    22. Cash  DEBIT

    23. Interest Revenue  CREDIT

    24. SSS Payable  CREDIT

    25. Franchise  DEBIT

    26. Office Supplies Expense  DEBIT

    27. Rent Income  DEBIT

    28. Owner’s Drawing  CREDIT

    29. Prepaid Expenses  DEBIT/CREDIT

    30. Accrued Expense  DEBIT

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