Financial Accounting Review Templates_Fall09

Financial Accounting Review Templates_Fall09 - DEBIT SIDE...

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EXHIBIT A DEBIT SIDE CREDIT SIDE ASSETS = LIABILITIES + EQUITY LIABILITIES Debit Credit Debit Credit CASH LOANS PAYABLE (+) (-) (-) (+) Debit Credit Debit Credit LONG-TERM INVESTMENTS EQUITY (+) (-) (-) (+) Debit Credit Debit Credit Debit Credit (+) (-) REVENUES EXPENSES (-) (+) (+) (-)
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EXHIBIT B DEBIT SIDE CREDIT SIDE ASSETS = LIABILITIES + EQUITY LIABILITIES Debit Credit Debit Credit CASH LOANS PAYABLE (+) (-) (-) (+) 1. $100 2. $50 (Service to patient) (For supplies) Net balance: $50 Debit Credit Debit Credit LONG-TERM INVESTMENTS EQUITY (+) (-) (-) (+) $50 (transfer of net income) Debit Credit Debit Credit Debit Credit (+) (-) REVENUES EXPENSES (-) (+) (+) (-) 1. $100 2. 50 $100 $50 Net income = revenues - expenses = $100 - $50 = $50 Notice, the $50 net income is a credit balance. It gets transferred to the equity account as an increase, or credit.
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T-ACCOUNTS DEBIT SIDE CREDIT SIDE
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Financial Accounting Review Templates_Fall09 - DEBIT SIDE...

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