First discern what a financial transaction is and what is not. Often, the text will include an interaction that is not a financial transaction and will not require a journal entry. Perform journal entries. Journal entries will affect two accounts (one debit; one credit) in the same dollar amount. Journal entries serve to make it easier to accurately produce T-Accounts. The basic equation in accounting is: Assets = Liabilities + Stockerholders' Equity. Debits are always on the left, and credits on the right. Assets are debit accounts, meaning whenever an asset (i.e. cash, equipment, receivables,...