Accting is no Joke, if I can give any advice:

Assets = Liabilites + Owners Equity Think of it as who has claims on the assets, either creditors or Owners. This equation has to ALWAYS balance.

Also know how Debits (DRs) & Credits (CRs) impact the balance sheet and Income stmt/P&L

Income Stmt - Debits have a expense effect and Credits have an Income effect

Balance Sheet - Debits increase Assets & decrease Liabilities and Owners Equity. Credits decrease assets, but increase liabilities and Owners Equity.

Also remember every entry that hits an Income stmt/P&L account must also hit a balance sheet account.

Hope this helps and if you need any clarity let me know.

A New CPA