[charlotteRose52]

What accounts go on the debit side and what accounts go on the credit side? I can't get it to balance out
:confused:

[morgaine300]

You need to learn your rules. Without those rules, not only will things not balance out, but you won't be able to do journal entries. The rules state what is the normal balance for each type of account. The "normal balance" is the side the balance should be on, and the side you will increase the account on. Decreasing an account means using the opposite side.

The rules:
Assets - debit increases, credit decreases
Liabilities - debit decreases, credit increases
Equity - debit decreases, credit increases
Revenue - debit decreases, credit increases
Expense - debit increases, credit decreases

Notice it's the first and last that are plus on the debit side, and the three in the middle are plus on the credit side.
Remember the "increase" side is also the side the balance should be on. This is what you should be following.

The only exceptions are contra accounts, which are negative accounts that offset some other account. If you are still basically at the beginning, probably the only contra account you've had is either drawing or dividend, which is a debit equity, because it subtracts from equity. You may also have had accumulated depreciation by now, which is a contra asset account. That is, it's a credit balance, which offset the plant asset it belongs with and subtracts from it. The whole point of contra accounts is that they subtract from something else, and therefore would always be on the negative side for that type of account.

[cuyahoga]

open the following t accounts Cash; Repair supplies; repair equipment;accounts payable; common stock; dividends; repairs fees earned;salaries expense; rent exspense, do this for June and use the letters to identify

a. Ella opensed ceramisc repair by investing 4,300 cash and 1,600 in repair equipment in return for 5,900 shares of the companys $1 per share value common stock.
b. Paid $400 current month rent
c. purchase repair supplies on credit $500
d. purchased additional repair equipment $300 cash
e. paid helper $450
f. paid 200 of amount purchased on credit in c.
g.accepted cash for repairs completed $1,800
h. declared and paid dividends of $600

[morgaine300]

Start your own thread for your own question. This is not relevant to the original post. We also are not here just to do your work for you. Make an attempt at the work and post what you've got, and someone can guide you from there. You might also try reading the post right above yours where I just went over the debit/credit rules.

[patonia 41]

If the equipment expense is 53,800 and the equipment depreciate by 700 where does that go on the balance sheet, and how do you write the difference

[morgaine300]

Read the post above yours.