2 Question 2 Dr. Cr. 4 Common stock 5 Retained Earnings s Loan 7 Furniture & Equipment 3 Trade Receivables Trade Payables 10 Cash & Bank Balances 11 Purchases 12 Sales 23 Salaries 14 Rent Is Interest Accounting Balance in $ '000 Elements 10000 25000 Equity 30000 50000 40000 3000 28100 100000 170000 10000 9000 900 1. Identify accounting elements i.e. whether an item is asset, liability, equity, revenue or expense. Asset & Expenses are debit (DR); liability, equity and revenue are credit (CR.) 2. Write asset and expense in debit (DR.) column, and liability, equity and revenue in credit (CR) column. Check total of debit should be equal to total of credit