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classifications

Accounting 203 GMU - Account classifications and presentation

Account titleClassificationFinancial Statement normal balance
accumulated Depreciation - buildings plant asset - contra balance sheet credit
accumulated Depreciation - equipment plant asset - contra balance sheet credit
Administrative expenses operating expense income statement debit
allowance for doubtful accounts Current asset - contra balance sheet credit
amortization expense operating expense income statement debit
bad debt expense operating expense income statement debit
bonds payable long-term liability balance sheet credit
buildings plant assets balance sheet debit
cash current asset balance sheet debit
common stock stockholder's equity balance sheet credit
copyrights intangible asset balance sheet debit
cost of goods sold cost of goods sold income statement debit
debt investment current asset/ long term investment balance sheet debit
depreciation expense operating expense income statement debit
discount on bonds payable long term liability - contra balance sheet debit
dividend revenue other income income statement credit
dividends temp account closed to retained earnings retained earnings statement debit
dividends payable current liability balance sheet credit
equipment planet asset balance sheet debit
freight out operating expense income statement debit
gain on disposal of planet assets other income income statement credit
goodwill intangible asset balance sheet debit
income summary temp accounts closed to retained earnings N/A credit when there is a net income, debit when there is a net loss
income tax expense income tax expense income statement debit
income taxes payable current liability balance sheet credit
insurance expense operating expense income statement debit
interest expense other expense income statement debit
interest payable current liability balance sheet cedit
interest receivable current asset balance sheet debit
interest revenue other income income statement credit
inventory current asset balance sheet debit
land plant asset balance sheet debit
loss on disposal pf plant assets other expense income statement debit
maintenance and repairs expense operating expense income statement debit
mortgage payable long term liability balance sheet credit
notes payable current liability long term liability balance sheet credit
patents intangeible asset balance sheet debit
paid in capital in excess of par value common stock stockholders equity balance sheet credit
paid in capital in excess of par value preferred stock stockholder equity balance sheet credit
preferred stock stockholders equity balance sheet credit
premium on bonds payable long term liability balance sheet credit
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 retained earnings statement credit
salaries and wages expense operating expense income statement debit
salaries and wages payable current liability balance sheet credit
sales discount revenue - contra income statement debit
sales returns and allowances revenue - contra income statement debit
sales revenue revenue income statement credit
selling expense operating expense income statement debit
service revenue revenue income statement credit
stock investments current asset / long term investement balance sheet debit
supplies current asset balance sheet debit
supplies expense operating expense income statement debit
treasury stock stockholders equity balance sheet debit
unearned service revenue current liability balance sheet credit
utilities expense operating expense income statement debit
Accounts payable current liability balance sheet cedit
Accounts Receivable current asset balance sheet debit
Created by: goudakid78
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