Review the transactions and determine the accounts, the account types (use assets, liabilities, equity, dividends, revenue, and expenses), if they increase/decrease and if they are DR/CR. Check your spelling carefully and do not abbreviate. Refer to the Chart of Accounts for account titles. Bought equipment on account. Account Name Account Type Increase/Decrease Debit/Credit Purchased equipment on account. Account Name Account Type Increase/Decrease Debit/Credit