Ask Experts Questions for FREE Help!
 

Free Answers in 3 Easy Steps

Register Now
3 Steps
 


Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Finance & Accounting    Ask about another Subject  
 

ntxawm_2008
Nov 3, 2008, 05:10 PM
I am not understanding which items to put under credits and which goes under debits.
i.e. cash, accounts receivable, accts payable, rental revenue, supplies expense, etc.

I do not understand which items go under which statement. i.e. adjustments, income statement,etc.

:(

pready
Nov 3, 2008, 05:19 PM
Assets and Expenses have a normal Debit Balance. Assets are on the Balance Sheet.
Expenses are on the Income Statement.

Liabilities, Owner's Equity, and revenues have a normal Credit balance. Liabilities and Owner's Equity are on the Balance Sheet. Revenues are on the Income Statement.

Adjusting entries are shown on a worksheet and jounalized in the General Journal. They do not appear on the Financial Statements because they are a transaction.

ROLCAM
Jan 25, 2009, 04:11 AM
DEBITS = ALL ASSETS + ALL EXPENSES
CREDITS = ALL LIABILITIES + ALL INCOMES

FORMULA = A + E = L + I

Please remember this for ever.
You will never go wrong again.

pready
Jan 25, 2009, 03:19 PM
Adjustments affect one Balance sheet account and one Income Statement account.

Example for Supplies used during the period.
Debit Supplies Expense - Income Statement Account
Credit Supplies - Balance Sheet Account