1. ACCOUNTS WHERE SIMILAR TRANSACTIONS ARE GROUPED

2. ASSETS CASH MARKETABLE SECURITIES ACCOUNTS RECEIVABLE INVENTORY PREPAID EXPENSES (SUPPLIES) EQUIPMENT BUILDING LAND

3. EXPENSES RENT EXPENSE SALARY EXPENSE COST OF GOODS SOLD EXPENSE ETC. EXPENSE

4. DEBITS AND CREDITS FOR EVERY DEBIT THERE IS A CREDIT Debits on Left Credits on Right

5. ASSETS AND EXPENSES TO INCREASE AN ASSET OR EXPENSE IT IS DEBITED TO DECREASE AN ASSET OR EXPENSE IT IS CREDITED Assets & Expenses (+) Increase Account(-) Decrease Account

6. LET’S MAKE SOME JOURNAL ENTRIES BUY SOME INVENTORY FOR $500. THE INVENTORY IS INCREASED (DEBITED), THE CASH IS DECREASED (CREDITED) DEBIT CREDIT INVENTORY $500 CASH $500

7. RENT EXPENSE IS PAID DEBIT CREDIT RENT EXPENSE $300 CASH $300

8. SUPPLIES ARE PURCHASED DEBIT CREDIT SUPPLIES $100 CASH $100

9. MAKE THE JOURNAL ENTRY RENT EXPENSE OF $700 IS PAID IN CASH

10. DEBIT CREDIT RENT EXPENSE $700 CASH $700

11. MAKE THE JOURNAL ENTRY INVENTORY IS PURCHASED FOR $900

12. DEBIT CREDIT INVENTORY $900 CASH $900

13. MEMORIZATION MEMORIZE THE DIFFERENT TYPES OF ASSETS MEMORIZE THE COMMON EXPENSES