What accounts are to be debited and what accounts are to be credited?

In accounting, when a transaction occurs, one or more accounts are debited while others are credited to maintain the accounting equation. Typically, assets and expenses are debited, while liabilities, equity, and revenue are credited. For example, if a company purchases inventory with cash, the Inventory account (asset) is debited, and the Cash account (asset) is credited. This ensures that the total debits equal total credits, preserving the balance in the accounting records.