List of Debit & Credit Accounts

If you want to correct a wrong trail balance then you have to know which account is debit & which is credit. Debit & Credit are the two sides of a transaction. According to the Double Entry System each valid transaction has to be divided into two sides debit and credit

A debit is a positive number whereas a Credit is a negative number. Few times ago these 2 were defined in Black and red color. Black indicates Debit and Red indicates Credit. If there are more red accounts than black items then it suggested that business are in loss situation.

But situation has been changed. Now in modern computer system Minus sign (-) or Bracket () is used to indicate credit accounts. Previous beliefs like credit accounts means loss, are not true at all. In fact, a credit account means an opposite account of an debit item. Minus figure or brackets are only used to distinguish the account from debit item.

Here we will share a list of debit and credit items. This is the normal situation of each account. But it does not mean that a debit item of this list cannot be an credit item.

Debit Items

  • Accounts Receivable
  • Advertising
  • Amortization Expense
  • Auto Expenses
  • Bank Service Charges
  • Building
  • Cash in Checking
  • Cash in Savings
  • Deposits
  • Depreciation Expense
  • Drawing
  • Dues & Subscriptions
  • Equipment
  • Equipment Rental
  • Freight Charges
  • Furniture & Fixtures
  • Income Tax
  • Insurance–Employees Group
  • Insurance–General
  • Insurance–Officers Life
  • Interest Expense
  • Inventory
  • Land
  • Leasehold Improvements
  • Legal & Accounting
  • Miscellaneous Expense
  • Office Expense
  • Organization Costs
  • Other Assets
  • Other Costs
  • Other Taxes
  • Payroll Taxes
  • Postage
  • Purchases
  • Rent Expense
  • Salaries & Wages
  • Sales Discounts
  • Sales Returns & Allowances
  • Utilities
  • Vehicles

Credit Items

  • Accounts Payable
  • Accrued Expenses
  • Accrued Payroll Taxes
  • Accumulated Amortization
  • Accumulated Depreciation
  • Capital
  • Common Stock
  • Credit Card Payable–VISA
  • Interest Income
  • Loan Payable–FNB
  • Loan Payable–John Doe
  • Other Income
  • Purchase Discounts
  • Purchase Returns
  • Retained Earnings
  • Sales of Goods/Services
  • Sales Tax Collected