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Acct Classifications

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Created by: hrichard22

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Account	Classification
Accounts Payable	Current Liability Balance Sheet Credit
Accounts Receivable	Current Asset Balance Sheet Debit
Accumulated Depreciation - Equipment	Contra Asset Balance Sheet Credit
Bonds Payable	Long-Term Liability Balance Sheet Credit
Buildings	Asset Balance Sheet Debit
Cash	Current Asset Balance Sheet Debit
Common Stock	Stockholder's Equity Balance Sheet Credit
Cost of Goods Sold	Cost of Goods Sold Income Statement Debit
Depreciation Expense	Operating Expense Income Statement Debit
Dividends	Temporary account closed to Retained Earnings Retained Earnings Statement Debit
Dividends Payable	Current Liability Balance Sheet Credit
Equipment	Asset Balance Sheet Debit
Freight-out	Operating Expense Income Statement Debit
Goodwill	Intangible Asset Balance Sheet Debit
Income Summary	Temporary account closed to Retained Earnings not applicable
Insurance Expense	Operating Expense Income Statement Debit
Inventory	Current Asset Balance Sheet/also income statement if periodic Debit
Land	Asset Balance Sheet Debit
Maintenance and Repairs Expense	Operating Expense Income Statement Debit
Notes Payable	Liability Balance Sheet Credit
Patent	Intangible Asset Balance Sheet Debit
Prepaid Insurance	Current Asset Balance Sheet Debit
Prepaid Rent	Current Asset Balance Sheet Debit
Rent Expense	Operating Expense Income Statement Debit
Retained Earnings	Stockholders' Equity Balance Sheet and Statement of Retained Earnings Credit
Sales Discounts	Revenue - Contra Income Statement Debit
Sales Returns and Allowances	Revenue - Contra Income Statement Debit
Sales Revenue	Revenue Income Statement Credit
Service Revenue	Revenue Income Statement Credit
Short-Term Investments	Current Asset Balance Sheet Debit
Supplies	Current Asset Balance Sheet Debit
Supplies Expense	Operating Expense Income Statement Debit
Unearned Service Revenue	Current Liability Balance Sheet Credit
Utilities Expense	Operating Expense Income Statement Debit
Five Categories of Chart of Accounts	Assets, Liabilities, SE, Revenues, Expenses