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Using TurboCASH

 







The following list of most commonly used transactions illustrates the debit and credit transactions on the double entry accounting principle:

TRANSACTION

DEBIT

CREDIT

Capital - cash contribution

Assets - Bank

Capital

Sales - cash

Assets - Bank

Income

Sales - credit

Assets - Debtors

Income

Purchases - cash

Assets - applicable

Assets - Bank

Purchases - credit

Assets - applicable

Liabilities - Creditors

Expenses - cash

Expenses - applicable

Assets - Bank

Expenses - credit

Expenses - applicable

Liabilities - Creditors

Debtors - receipts

Assets - Bank

Assets - Debtors

Creditors - payments

Liabilities - Creditors

Assets - Bank