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Acct Classifications
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 |