Question
ACCOUNT CLASSIFICATION AND PRESENTATION Account Title Classification Financial Statement Normal Balance A Accounts Payable Current Liability Balance Sheet Credit Accounts Receivable Click here to enter
ACCOUNT CLASSIFICATION AND PRESENTATION | |||
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Account Title | Classification | Financial Statement | Normal Balance |
A | |||
Accounts Payable | Current Liability | Balance Sheet | Credit |
Accounts Receivable | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Accumulated DepreciationBuildings | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Accumulated DepreciationEquipment | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Administrative Expenses | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Allowance for Doubtful Accounts | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Amortization Expense | Click here to enter text. | Click here to enter text. | Click here to enter text. |
B | |||
Bad Debts Expense | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Bonds Payable | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Buildings | Click here to enter text. | Click here to enter text. | Click here to enter text. |
C | |||
Cash | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Common Stock | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Copyright | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Cost of Goods Sold | Click here to enter text. | Click here to enter text. | Click here to enter text. |
D | |||
Depreciation Expense | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Discount on Bonds Payable | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Dividends | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Dividends Payable | Click here to enter text. | Click here to enter text. | Click here to enter text. |
E | |||
Equipment | Click here to enter text. | Click here to enter text. | Click here to enter text. |
F | |||
Freight-out | Click here to enter text. | Click here to enter text. | Click here to enter text. |
G | |||
Gain on Disposal of Plant Assets | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Goodwill | Click here to enter text. | Click here to enter text. | Click here to enter text. |
I | |||
Income Summary | Click here to enter text. | Click here to enter text. | Click here to enter text.(1) |
Income Tax Expense | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Income Taxes Payable | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Insurance Expense | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Interest Payable | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Interest Receivable | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Interest Revenue | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Inventory | Click here to enter text. | Click here to enter text.(2) | Click here to enter text. |
L | |||
Land | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Loss on Disposal of Plant Assets | Click here to enter text. | Click here to enter text. | Click here to enter text. |
M | |||
Mortgage Payable | Click here to enter text. | Click here to enter text. | Click here to enter text. |
N | |||
Notes Payable | Click here to enter text. | Click here to enter text. | Click here to enter text. |
P | |||
Paid-in Capital in Excess of Par ValuePreferred Stock | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Preferred Stock | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Premium on Bonds Payable | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Prepaid Insurance | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Prepaid Rent | Click here to enter text. | Click here to enter text. | Click here to enter text. |
R | |||
Rent Expense | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Retained Earnings | Click here to enter text. | Click here to enter text. | Click here to enter text. |
S | |||
Salaries and Wages Expense | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Salaries and Wages Payable | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Sales Discounts | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Sales Returns and Allowances | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Sales Revenue | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Selling Expense | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Service Revenue | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Short-Term Investments | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Supplies | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Supplies Expense | Click here to enter text. | Click here to enter text. | Click here to enter text. |
T | |||
Treasury StockCommon | Click here to enter text. | Click here to enter text. | Click here to enter text. |
U | |||
Unearned Service Revenue | Click here to enter text. | Click here to enter text. | Click here to enter text. |
Utilities Expense | Click here to enter text. | Click here to enter text. | Click here to enter text. |
(1) The normal balance for Income Summary will be credit when there is a net income, debit when there is a net loss. The Income Summary Account does not appear on any financial statement. (2) If a periodic system is used, Inventory also appears in the income statement in the calculation of costs of goods sold. |
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