Can you suggest some light reading on this?
Looking at the comments on that website, it has even developed a sort of fanboyism. But IIRC, it led to some "interesting" insights when it was first discussed on HN, like "sales are liabilities".
I find the alleged impenetrability of basic accounting to be rather baffling in general.
Sales (Incomes) are clearly equity, with Expenses being contra-equity. Not sure how anyone could come to any other conclusion, but I'll read the article and it'll probably become clear. :-)