Steps to Recording Transactions (Grade 12 NSC Matric Accounting): Flashcards

Every transaction affects at least two accounts

Assets, Liabilities, Owner's equity

Resources owned by the business

Debit the expense account

Credit the asset account

Debit the asset account

Credit the liability account

$A = O + L$ (Assets = Owner's equity + Liabilities)

Asset with debit balance

Use zero, never leave blank