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The following list of most commonly used transactions illustrates the debit and credit transactions on the double entry accounting principle:
|
TRANSACTION |
DEBIT |
CREDIT |
|
Capital - cash contribution |
Assets - Bank |
Capital |
|
Sales - cash |
Assets - Bank |
Income |
|
Sales - credit |
Assets - Debtors |
Income |
|
Purchases - cash |
Assets - applicable |
Assets - Bank |
|
Purchases - credit |
Assets - applicable |
Liabilities - Creditors |
|
Expenses - cash |
Expenses - applicable |
Assets - Bank |
|
Expenses - credit |
Expenses - applicable |
Liabilities - Creditors |
|
Debtors - receipts |
Assets - Bank |
Assets - Debtors |
|
Creditors - payments |
Liabilities - Creditors |
Assets - Bank |