Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan

16th Global Edition

1292147989, 978-1292147987

More Books

Students also viewed these Accounting questions

Question

What is substantial completion? AppendixLO1

Answered: 1 week ago