Balance Sheet: 52 Most Common Debits and Credits

Balance Sheet
52 Most Common Debits and Credits

Debits and Credits are the foundation of the accounting system.

Yet, they sometimes manage to confuse us from time to time.

How often did you do that JE in your head before telling someone what account to debit or credit?

I admit I had to make entries in my head before saying it out loud confidently.

So here are the 52 most common debits and credits on your balance sheet.

1. Cash & Bank
2. Accounts Receivable
3. Inventory
4. Prepaid Expenses
5. Property, Plant, and Equipment
6. Less Accumulated Depreciation
7. Intangible Assets
8. Investments
9. Accounts Payable
10. Advances from Customers
11. Short-Term Loans
12. Income Taxes Payable
13. Accrued Expenses
14. Long-Term Debt
15. Deferred Income Tax
16. Owner's Equity
17. Retained Earnings

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