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Acct Classifications

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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  


   





 
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Created by: hrichard22 on 2011-09-27



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