Accounting Cheat Sheet For Transactions

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Bean Counter's Accounting and
Bookkeeping "Cheat Sheet"
Provided by:
Bean Counter
Source Documents
( Invoices, Checks, etc.)
Journals -Transactions first recorded using Debits and Credits
General Ledger -Summarized transactions posted to the General Ledger Accounts using Debits and
Credits
Abbreviated
Accounting
Property =
Property Rights
Equation
Expanded
Accounting
Assets =
Liabilities +
Owner's Equity
Equation
Balance Sheet Accounts
Permanent Accounts
Types Of Accounts
Asset Accounts =
Liability Accounts +
Capital Accounts (Mom)
Increase/Decrease
Increase Decrease Decrease Increase
Decrease
Increase
Columns
Account -Left /
Left
Right
Right Side
Left Side
Right Side
Left Side
Right Side
Side
Side
Columns
Debit / Credit
Credit
Debit
Credit
Debit
Credit
Debit
Columns
Owner's Equity Equation that illustrates the effect of closing the
Owner's Equity = Beginning Capital +
temporary accounts -revenue-expenses-draws to the
Profit or - Loss - Owners Draws + Owner's
permanent Equity Accounts.
Investments
Income Statement Accounts
Accounts Closed To Capital Account at End Of Period
Temporary (Nominal) Accounts
Expenses
"Mom" Equity's "Kids" - Revenue - Expense - Draws
Revenue
Draws
Effect On "Mom" Equity (Capital)
Decreases
Increases
Revenue , Expense, and Draw Account "Rules"
Increase Decrease Decrease Increase
These accounts are often referred to as temporary or nominal
accounts because at the end of a year (period) they are closed
Left
Right
Right
and their balances are transferred to a permanent Equity
Left Side
Side
Side
Side
(Capital) Account (Balance Sheet Account).
Debit
Credit
Debit
Credit
Debit / Credit Columns
Profit / Loss = Revenue - Costs and
Profit / Loss Equation
Expenses
Note: Bold highlighted items in my cheat sheet represent the Normal Type Of Balance For an Account -
Debit or Credit

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