Accounts: debit or credit?
Whether an account increases on the debit or the credit side depends on its type. Choose an account to see its normal balance, its name in each convention and the exercises that use it.
Assets
- Accounts Receivable
- Accrued Interest from Customers
- Bank
- Buildings
- Cash
- Dishonored Notes
- Doubtful Accounts Receivable
- Equipment
- Foreign Currency Bank Account
- Input VAT
- Input VAT on Fixed Assets
- Interest Receivable
- Internal Transfers
- Inventory
- Land
- Loan Issue Costs
- Loans to Employees
- Long-Term Loans to Employees
- Notes Receivable
- Office and Computer Equipment
- Other Receivables
- Own Shares Being Cancelled
- Petty Cash
- Prepaid Expenses
- Prepaid Insurance
- Prepaid Rent
- Receivables on Disposals of Fixed Assets
- Supplies
- Taxes Withheld and Paid on Account
- Unbilled Receivables
- VAT on Invoices to Receive
- Vehicles
Contra-assets
Liabilities
- Accounts Payable
- Accrued Interest on Bank Loans
- Accrued Interest Owed to Suppliers
- Accrued Personnel Expenses
- Bank Loan
- Bank Overdraft
- Creditors for Services
- Customer Advances
- Dividends Payable
- Employee Income Tax Payable
- Federal Unemployment Taxes Payable
- FICA Taxes Payable
- Income Tax Payable
- Interest Payable
- Invoices to Receive
- Long-Term Suppliers of Fixed Assets
- Mortgage Payable
- Notes Payable
- Notes Payable to Suppliers of Fixed Assets
- Other Liabilities
- Other Long-Term Loans
- Other Provisions
- Other Social Security Bodies
- Output VAT
- Salaries Payable
- Sales Tax Payable
- Short-Term Bank Loan
- State Unemployment Taxes Payable
- Suppliers of Fixed Assets
- Trade Notes Payable
- Unearned Revenue
- Utilities Payable
- VAT on Invoices to Issue
- VAT Payable
Equity
Contra-equity
Revenue
- Bad Debts Recovered
- Cash Discounts Received
- Gain on Disposal of Equipment
- Gain on Disposal of Vehicles
- Interest Revenue
- Other Financial Income
- Other Operating Income
- Proceeds from Disposals of Fixed Assets
- Rent Revenue
- Reversal of Impairment of Current Assets
- Sales Revenue
- Service Revenue
- Withdrawals of Goods for Private Use (Revenue)
Contra-revenue
Expenses
- Advertising Expense
- Bad Debt Expense
- Bank Service Charges
- Carrying Amount of Fixed Assets Disposed
- Cash Discounts Granted
- Cash Short and Over
- Change in Inventories
- Change in Supplies Inventory
- Charitable Contributions Expense
- Cost of Goods Sold
- Depreciation Expense
- Exceptional Expenses
- Freight-In
- Freight-Out
- Impairment Losses on Current Assets
- Income Tax Expense
- Insurance Expense
- Interest Expense
- Interest on Trade Debts
- Inventory Shrinkage Expense
- Loss on Disposal of Equipment
- Loss on Inventory Write-Down
- Other Operating Expenses
- Other Services
- Other Taxes
- Payroll Tax Expense
- Postage Expense
- Purchases
- Purchases of Other Supplies
- Rent Expense
- Repairs Expense
- Salaries Expense
- Supplies Expense
- Telephone Expense
- Transport Costs
- Travel Expense
- Utilities Expense