ACCOUNTING BASICS Quick Reference Guide Assets Liabilities things I get to call my own debit incr bills I have to pay cash credit + normal balance Stockholder's Equity accounts payable debit credit + normal balance - decr decr debit decr incr debit other asset accts: a/r eq supplies trucks vans buses office furniture other liab accts: notes payable mortgage payable interest payable salaries payable owner's equity credit + normal balance incr + normal balance debit - drawing credit + normal balance - decr dividends credit cash debit + what I take out of my business for my own use expenses credit debit credit + 87.00 87.00 utilities expense - 87.00 cash got the bill, but did not pay utilities exp 87.00 87.00 accts payable 87.00 incr expenses credit + normal balance incr example of a transaction rec. and paid electric bill $87.00 + normal balance some examples of names: income from services professional fees concession income debit - revenue credit debit - decr examples of other expenses: rent salaries utilities supplies insurance advertising

Accounting Basics, Quick Reference Guide

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