principlesofaccounting.com

Account Types

Account

Type

Debit

Credit

ACCOUNTS PAYABLE Liability Decrease Increase
ACCOUNTS RECEIVABLE Asset Increase Decrease
ACCUMULATED DEPRECIATION Contra Asset Decrease Increase
ADVERTISING EXPENSE Expense Increase Decrease
ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS Contra Asset Decrease Increase
AMORTIZATION EXPENSE Expense Increase Decrease
AVAILABLE FOR SALE SECURITIES Asset Increase Decrease
BONDS PAYABLE Liability Decrease Increase
BUILDING Asset Increase Decrease
CAPITAL STOCK Equity Decrease Increase
CASH Asset Increase Decrease
CASH OVER Revenue Decrease Increase
CASH SHORT Expense Increase Decrease
CHARITABLE CONTRIBUTIONS PAYABLE Liability Decrease Increase
COMMON STOCK Equity Decrease Increase
COST OF GOODS SOLD Expense Increase Decrease
CURRENCY EXCHANGE GAIN Gain Decrease Increase
CURRENCY EXCHANGE LOSS Loss Increase Decrease
DEPRECIATION EXPENSE Expense Increase Decrease
DISCOUNT ON BONDS PAYABLE Liability Decrease Increase
DISCOUNT ON NOTES PAYABLE Contra Liability Increase Decrease
DIVIDEND INCOME Revenue Decrease Increase
DIVIDENDS Dividend Increase Decrease
DIVIDENDS PAYABLE Liability Decrease Increase
DOMAIN NAME Asset Increase Decrease
EMPLOYEE BENEFITS EXPENSE Expense Increase Decrease
EQUIPMENT Asset Increase Decrease
FEDERAL INCOME TAX PAYABLE Liability Decrease Increase
FEDERAL UNEMPLOYMENT TAX PAYABLE Liability Decrease Increase
FREIGHT-IN Part of Calculation of Net Purchases Increase Decrease
FREIGHT-OUT Expense Increase Decrease
FUEL EXPENSE Expense Increase Decrease
GAIN Gain Decrease Increase
HEALTH/CHILD FLEX PAYABLE Liability Decrease Increase
INCOME SUMMARY Not a Financial Statement Account Debited for Total Expenses Credited for Total Revenues
INSURANCE EXPENSE Expense Increase Decrease
INSURANCE PAYABLE Liability Decrease Increase
INTEREST EXPENSE Expense Increase Decrease
INTEREST INCOME Revenue Decrease Increase
INTEREST PAYABLE Liability Decrease Increase
INTEREST RECEIVABLE Asset Increase Decrease
INVENTORY Asset Increase Decrease
INVESTMENT IN BONDS Asset Increase Decrease
INVESTMENT INCOME Revenue Decrease Increase
INVESTMENTS Asset Increase Decrease
LAND Asset Increase Decrease
LOAN PAYABLE Liability Decrease Increase
LOSS Loss Increase Decrease
MEDICARE/MEDICAID PAYABLE Liability Decrease Increase
MISCELLANEOUS EXPENSE Expense Increase Decrease
NOTES PAYABLE Liability Decrease Increase
NOTES RECEIVABLE Asset Increase Decrease
OBLIGATION UNDER CAPITAL LEASE Liability Decrease Increase
PAID-IN CAPITAL IN EXCESS OF PAR – COMMON Equity Decrease Increase
PAID-IN CAPITAL IN EXCESS OF PAR – PREFERRED Equity Decrease Increase
PATENT Asset Increase Decrease
PAYROLL TAX EXPENSE Expense Increase Decrease
PETTY CASH Asset Increase Decrease
POSTAGE EXPENSE Expense Increase Decrease
PREMIUM ON BONDS PAYABLE Liability Adjunct Account Decrease Increase
PREPAID INSURANCE Asset Increase Decrease
PREPAID RENT Asset Increase Decrease
PURCHASE DISCOUNTS Reduces Calculation of Net Purchases Decrease Increase
PURCHASE DISCOUNTS LOST Expense Increase Decrease
PURCHASES Part of Calculation of Net Purchases Increase Decrease
PURCHASE RETURNS Reduces Calculation of Net Purchases Decrease Increase
RENT EXPENSE Expense Increase Decrease
REPAIR EXPENSE Expense Increase Decrease
RETAINED EARNINGS Equity Decrease Increase
RETIREMENT CONTRIBUTION PAYABLE Liability Decrease Increase
REVENUE Revenue Decrease Increase
SALARIES EXPENSE Expense Increase Decrease
SALARIES PAYABLE Liability Decrease Increase
SALES Revenue Decrease Increase
SALES DISCOUNTS Contra Revenue Increase Decrease
SALES RETURNS Contra Revenue Increase Decrease
SERVICE CHARGE Expense Increase Decrease
SERVICE REVENUE Revenue Decrease Increase
SOCIAL SECURITY PAYABLE Liability Decrease Increase
STATE INCOME TAX PAYABLE Liability Decrease Increase
STATE UNEMPLOYMENT TAX PAYABLE Liability Decrease Increase
SUPPLIES Asset Increase Decrease
SUPPLIES EXPENSE Expense Increase Decrease
TRADING SECURITIES Asset Increase Decrease
TREASURY STOCK Contra Equity Increase Decrease
UNCOLLECTIBLE ACCOUNTS EXPENSE Expense Increase Decrease
UNEARNED REVENUE Liability Decrease Increase
UNREALIZED GAIN Gain Decrease Increase
UNREALIZED LOSS Loss Increase Decrease
UNREALIZED GAIN – OTHER COMPREHENSIVE INCOME Increase in Equity Via Other Comprehensive Income Decrease Increase
UNREALIZED LOSS – OTHER COMPREHENSIVE INCOME Decrease in Equity Via Other Comprehensive Income Increase Decrease
UTILITIES EXPENSE Expense Increase Decrease
WARRANTY EXPENSE Expense Increase Decrease
WARRANTY LIABILITY Liability Decrease Increase