Debit Nature
Credit Nature
A
| ssets iabilities wners Equity evenue xpenses Cash Bank Overdraft Capital Sales Revenue Cost of Sales Account Receivable Accounts Payable Retained Earnings Rent / Interest / Dividend Depreciation Expenses Inventory Loan Payable Discount Received Discount Allowed Supplies Mortgage Payable Wages Expense Land Interest Payable Salary Expense Building Unearned Revenue Rent Expense Vehicle GST Collections Insurance Expense Prepaid (item) Accrued Expenses GST Outlays Electricity Payable Gas Payable Wages Payable Rates Payable Water Payable |
STANDARD ACCOUNTS |
| Accumulated Depreciation Drawings Sales Returns and Allowance (Contra Acc.) (Contra Acc.) (Contra Acc.) |
CONTRA ACCOUNTS |
| Prepaid Expense Accrued Expense Accrued Revenue Unearned Revenue Depreciation a) Paid but not yet incurred a) Incurred but not yet paid a) Money earnt but not yet received a) Money received but not yet earnt Depreciates assets for the period Dr Prepaid Account Dr Expense Account Dr Receivable Account Dr Cash Dr Depreciation Expense Cr Cash Cr Payable Account Cr Revenue Account Cr Unearned Revenue Account Cr Accumulated Depreciation b) Subsequently incurred b) Subsequently paid b) Money subsequently received b) Money subsequently earnt Dr Expense Account Dr Payable Account Dr Cash Dr Unearned Revenue Account Cr Prepaid Account Cr Cash Cr Receivable Account Cr Revenue Account |
ADJUSTING ENTRIES |
LORE
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