Review the transactions and determine the accounts, the account types (use assets, liabilities, common stock, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. List accounts in order they would be in the journal entry. Refer to the Chart of Accounts for account titles. Purchased equipment on account Account #1 Account Type equipment Increase Increase/Decrease Debit/Credit Debit Account #2 Account Type Purchase of building with note. Account #1 Increase/Decrease Debit/Credit Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit Made payment on notes payable Account #1 Account Type Increase/Decrease Debit/Credit Account #2 Account Type Increase/Decrease Debit/Credit