Chart of Accounts Revised [Compatibility Mode] Table Design Layout View Review Mailings yout References Category/Element of Account Debit or Financial Descriptive Credit Account Name Statement Increases Balance BALANCE SHEET: Cash and cash Debit Current assets Balance sheet Cash Accounts - Parent non-posting equivalents Cash and cash Debit Balance sheet Current assets Bank checking account equivalents Cash and cash Debit Current assets Balance sheet equivalents Short term marketable Petty cash account Debit Current assets Balance sheet securities Short term marketable Securities Debit Receivables Balance sheet Current assets Receivables Parent non-posting Debit Receivables Balance sheet Current assets Accounts receivable Credit Receivables Current assets Allowance for Uncollectible Accounts Contra Balance sheet Debit Receivables Current assets Balance sheet Note Receivable Debit Receivables Current assets Balance sheet Interest Receivable Debit Receivables Balance sheet Current assets Rent Receivable Debit Other current assets Current assets Balance sheet Supplies Debit Other current assets Balance sheet Current assets Inventory Debit Current assets Other current assets Balance sheet Prepaid Insurance Debit Current assets Other current assets Balance sheet Prepaid Rent Debit Current assets Other current assets Balance sheet Prepaid Advertis ing Long term marketable Debit Long term asscts Balance sheet Long term marketable securities securities Property, plant and equipment Property, plant and equipment Property, plant and equipment Property, plant and equipment Property, plant and equipment Property, plant and Property, Plant Equipment- Parent non- posting Debit Balance sheet Long term assets Debit Balance sheet Long term assets Land Debit Long term assets Balance shoet Land Improvements Debit Long term assets Balance sheet Building Debit Long term assets Balance sheet Equipment Debit Long term assets Balance sheet Office Equipment equipment Property, plant and equipment Property, plant and equipment Credit Balance sheet Long term assets Accumulated Depreciation- Contra Debit Balance sheet Long term assets Leased Asset Property, plant and equipment Long term assets Debit Balance sheet Natural Resources Focu English (US) MacBook Chart of Accounts Revised [Compatibility Mode] ferences View Table Design Review Layout Mailings Intangibles - Parent non-posting Long term assets Intangibles Debit Balance sheet Balance sheet Long term assets Intangibles Debit Patents Copyrights Balance sheet Long term assets Intangibles Debit Balance sheet Long term assets Intangibles Debit Trademarks Debit Goodwill Balance sheet Long term assets Intangibles Other long-term assets Other Assets Balance sheet Debit Long term assets Payables - Parent non-posting Current liabilities Payables Credit Balance sheet Notes Payable Credit Current liabilities Payables Balance sheet Accounts Payable Payables Credit Balance sheet Current liabilities Deferred Revenue Payables Credit Balance sheet Current liabilities Interest Payable Credit Balance sheet Current liabilities Payables Utilities Payable Credit Balance sheet Current liabilities Payables Dividends Payable Balance sheet Current liabilities Payables Credit Salaries Payable Payables Balance sheet Current liabilities Credit FICA tax Payable Balance sheet Current liabilities Payables Credit Balance sheet Current liabilities Unemployment Tax Payable Payables Credit Balance sheet Fringe Benefit Payable Current liabilities Payables Credit Sales Tax payable Balance sheet Current liabilities Payables Credit Payroll tax payable Balance shet Current liabilities Payables Credit Income tax payable Credit Balance sheet Current liabilities Payables Short or Long-term Warranty Liability Balance sheet Credit Warranty Liability liabilities Short or Long-term liabilities Contingent Liability Balance sheet Contingent Liability Credit Bonds payable Bonds Liability Balance sheet Long-term liabilities Credit Discount on Bonds Payable - Contra Bonds Liability Debit Balance sheet Long-term liabilities Premium on Bonds Payable - Adjunct Long-term liabilities Bonds Liability Credit Balance sheet Stockholder's Equity Parent non-posting Stockholders Bquity Balance sheet Capital Credit Common stock Balance sheet Stockholdor's Equity Capital Credit Preferred stock Balance sheet Stockholder's Bquity Credit Capital Additional Paid-in-Capital Stockholder's Equity Balance sheet Capital Credit Stockholder's Equity Debit Treasury Stock 13alance sheet Capital Retained carnings Balance sheet Stockholder's Equity Retained carnings Credit English (US) Chart of Accounts Revised [Compatibility Mode] Table Design Layout References Mailings Review View INCOME STATEMENT: Credit Revenue Revenue - Parent non-posting Income Statement Income Credit Operating Revenue Income Statement Income Service Revenue Operating Revenue Credit Income Statement Income Sales Debit Income Operating Revenue Income Statement Sales Discounts Contra Operating Revenue Income Debit Income Statement Sales Returns & Allowances Contra Non-Operating Other Credit Income Income Statement Dividend Revenue Income Non-Operating Other Credit Income Statement Income Interest income Income Non-Operating Other Income Credit Income Income Statement Rent income Non-Operating Other Credit Income Income Statement Gain Income Debit Expense Income Statement Income Expense- Parent non-posting Debit Operating Cost of Sales Income Statement Expense Cost of Goods Sold Operating General & Administrative Operating General & Administrative Debit Expense Advertising Expense Income Statement Debit Expense Amortization Expense Income Statement Operating General & Administrative Debit Income Statement Expense Audit Fees Operating General & Debit Expense Bad Debt Expense Income Statement Administrative Operating General & Administrative Debit Expense Income Statement Delivery Expense Operating General & Administrative Debit Expense Income Statement Depreciation Expense Operating General & Administrative Debit Income Statement Expense Entertainment Bxpense Operating General & Administrative Debit Income Statem ent Expense Insurance Expense Operating General & Administrative Income Statement Expense Lease or Rent Expense Operating General & Administrative Debit Income Statement Expense Legal Fees Operating General & Administrative Debit Income Statement Expense License Fee Expense Operating General & Administrative Debit Expense Income Statement Miscellaneous Expense Operating General & Administrative Debit Expense Income Statement Professional Fees Operating General & Administrative Debit Income Statement Expense Property Tax Expense Operating General & Administrative Operating General & Debit Income Statement Expense Rent Expense Debit Expense Income Statement Repairs and Maintenance Expense Administrative Operating General & Administrative Debit Expense Income Statement Rescarch and Development Expense Operating General & Administrative Debit Expense Income Statement Salaries Expense Operating General & Administrative Debit Expense Income Statement Sales Commissions English (US) MacBook Chart of Accounts Revised [Compatibility Mode] Table Design Layout Review View Mailings References Operating General & Administrative Debit Service Fee Expense Income Statement ense Operating General & Administrative Debit Income Statement Expense Subseriptions Operating General & Administrative Debit Income Statement Supplies Expense Expense Operating General & Administrative Operating General & Administrative Debit Travel Expense Income Statement Expense Debit ense Income Statement Utilities Expense Operating General & Debit Expense Income Statement Warranty Expense Administrative Debit Operating Finance costs Expense Income Statement Bank fees Non-Operating Finance Debit Expense Income Statement Interest Expense costs Non-Operating Other Debit Income Statoment Expense Loss Loss Income Tax Expense Debit s Income Statement Income tax expense Net Revenues Only used in net Income Statement Net Income non-posting Revenue -Expenses xpenses Debit Not Categorized Not Categorized Suspense account This is when it doesn't balance 30.4 cm x 24.1 cm FSC eecC11108 Chart of Accounts Quiz First Name Last Name ID Something a company owns that provides a future benefit is the element: If a company is paid for a service to be provided in the future what two account balances change? Money owed toa company for services performed is recorded in what account? The Mother accounting equation is: The expanded accounting equation is: Ownership of long-term assets are classified under the heading in the balance sheet and A pre-paid expense is classified as what element? A company must value it's accounts receivables at what they think they will collect: A contra account that values accounts receivable is: A payable account means the company means the company other parties A debit entry is entered on the side of an account? If Assets $100,000 and Liabilities $60,000 the total stockholders' equity = $ The Statement records the day to day operating results of a company. If the company lends money that record the transaction in what two accounts? fthere is a balance in the account Rent Receivable, then the company owes rent to another party? True or False? What is the equation behind the Income Statement: Petty Cash is: The double entry system of Accounting means the accounting equation must remain in balance after recording each transaction and all DEBIT entries must equal all Issuing Stock is what type of business activity? entries. Why must the Income Statement be prepared first? When you use up a resource it is recorded in what element? A parking lot would be recorded in what account? A Trademark is considered what type of asset? Stockholders' Equity consists of what two permanent accounts? Dividends only show up on what statement