(i) Credit - revenue
(ii) Credit - expenses
(iii) Debit - drawings
(iv) Debit - cash

An account is a classified record of all business transactions that have taken place with the particular person or things specified. For example, all the transactions relating to Shyam will be recorded in Shyam's account and all the transactions relating to wages will be recorded in wages account. The accounting book, in which accounts are maintained, is known as 'Ledger'. Accounts are prepared with the help of books of original entry, like Journal, Cash Book, Purchases Book, Sales Book, etc. Balances of all accounts are transferred to Trial Balance.

Following are the advantages of preparing journal :
(i) Journal provides a chronological record of all transactions: All the business transactions are recorded in the Journal in the order, in which they occur.
(ii) Journal provides an explanation of the transaction recorded: In Journal, a complete explanation is written as narration along with journal entry.
(iii) It reduces the possibility of errors: The amounts to be debited and credited are recorded side- by-side, the two can be compared to see that they are equal. At the end of the day, total of the Dr. Column and Cr. Column is made to ensure that it is equal and there is no error in amount recorded

Following are the steps in recording journal entry :
(i) Identifying the affected accounts: First of all, the transaction is analysed and accounts affected by it are identified.
(ii) Determining the nature of accounts: After identifying the accounts, we determine the nature of accounts affected, whether it is a personal account, real account or nominal account.
(iii) Applying rules of debit and credit: Then, we have to apply rules of debit and credit, so that we can know which account is to be debited and which accounts is to be credited.
(iv) Recording transactions in journal: Then transactions are recorded in the journal. Date of transaction is recorded in first column. The account debited, the account credited and narration is recorded in particulars column. Respective amount is recorded in the amount column

Rules of debit and credit are based on the classification of accounts under double entry system. These are :
(i) For Personal Accounts: Debit the receiver, Credit the giver.
(ii) For Real Accounts: Debit what comes in, Credit what goes out. 
(iii) For Nominal Accounts: Debit the expenses and losses, Credit the income and gains.

Nominal accounts include accounts of incomes and expenses. Accounts relating to gains and losses are also included in this category. Following are some examples:
(i) Incomes & Gains : Interest received, Commission received, Rent received, Discount received, etc.
(ii) Expenses & Losses: Wages paid, Salaries paid, Discount allowed, Postage stamps, Telephone expenses paid, etc

In this category, we include accounts of those things, which have some value measurable in terms of money. These things may be tangible or intangible. Following are the examples:
(i) Tangible things: In this category we include things having physical existence. For example: Goods,
Cash, Land, Building, Furniture, Machinery, etc.
(ii) Intangible things: In this category we include things having value but no physical existence. For example: Goodwill, Patents, Trademark, Copyright, etc

Rules:
(i) Personal Account: Debit the receiver, Credit the giver.
(ii) Nominal Account: All Expenses/Losses are debited, All Incomes/Gains are credited.
(iii) Real Account : Debit what comes in, Credit what goes out.

A debit denotes:
(i) In case of a person, that he has received either cash or any goods or service.
(ii) In case of goods or assets, that the stock and/or value of such goods or assets has increased.
(iii) In case of nominal accounts, that the firm has enjoyed some benefit or service or has lost money or has incurred some expense.
From another point of view a debit denotes increase in assets, decrease in liabilities and capital and increase in expenses/losses.
A credit denotes:
(i) In case of a person, that he has given either cash or any goods or services.
(ii) In case of goods or assets, that the stock and/or value of such goods or asset has decreased.
(iii) In case of nominal account, that the firm has made a gain or has earned income.
From another point of view, a credit denotes decrease in assets, increase in liability and capital and increase in income.

We deal with the following items in accounting equation as :
(i) Accrued interest shall be added to assets on the one side and to the capital on the other side.
(ii) It will increase cash on the assets side and increase the liabilities
(iii)) It will decrease assets (Cash) and increase assets (Prepaid insurance).
(iv) Salary, being expense will be deducted from the capital and being unpaid will be added to liabilities

Cash Voucher: These are used for cash transactions. Some companies may have receipt voucher for cash receipts and payment voucher for cash payment. In a receipt voucher, there is only record for credit account as the debit account is cash and it is implied. In a payment voucher, there is only record for debit account as the credit account is cash and it is implied in a payment transaction. Some companies are also maintaining bank voucher separately.

Voucher: The documents prepared for the purpose of recording business transactions in the books of accounts are known as vouchers. Voucher is prepared on the basis of source documents for recording business transactions in the books of accounts. Source documents are further analysed and concluded which account is to be debited and which account is to be credited.

Credit Note: A credit note is a document which shows that the business enterprise has given the credit to the party to whom this document is sent in respect of any business transaction other than credit purchase. When a business enterprise receives back the goods sold earlier than it makes a credit note in favour of the purchaser showing that his account has been credited in the books of business enterprise.

Debit Note: A debit note is a document which shows that the business enterprise has raised debit against the party to whom this document is sent in respect of any business transaction other than the credit sale. Business enterprise may make a debit note against the supplier for an amount which is to be received from him, when the business enterprise returns some goods which are defective in nature or not as per specifications.

Cheque: A cheque is an unconditional order, drawn upon a specified banker, signed by the  maker, directing the banker to pay on demand a certain sum of money only to the order of a person or the bearer of the instrument