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Common Account Types

ACCT 100 Financial Accounting Common Accounts for Each Part of the Equation

TermDefinition
Cash Asset
Accounts Payable Liability
Prepaid Rent Asset
Wages Payable Liability
Wages Expense Expense
Sales Revenue Revenue
Office Supplies Asset
Owner's Capital Equity
Service Revenue Revenue
Notes Payable Liability
Salaries Payable Liability
Owner's Contributions Equity
Advertising Expense Expense
Marketing Expense Expense
Retained Earnings Equity
Accounts Receivable Asset
Merchandise Inventory Asset
Land Asset
Equipment Asset
Building Asset
Prepaid Insurance Asset
Rent Payable Liability
Utilities Payable Liability
Interest Payable Liability
ASSETS are INCREASED with a...? Debit (Asset Normal Balance)
ASSETS are DECREASED with a...? Credit
LIABILITIES are INCREASED with a...? Credit (Liability Normal Balance)
LIABILITIES are DECREASED with a...? Debit
DIVIDENDS are INCREASED with a...? Debit (Dividends Normal Balance)
DIVIDENDS are DECREASED with a...? Credit
EXPENSES are INCREASED with a...? Debit (Expenses Normal Balance)
EXPENSES are DECREASED with a...? Credit
EQUITY is INCREASED with a...? Credit (Equity Normal Balance)
EQUITY is DECREASED with a...? Debit
REVENUE is INCREASED with a...? Credit (Revenue Normal Balance)
REVENUE is DECREASED with a...? Debit
Created by: user-2039005
 

 



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