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Accounting 305 > Account classifications, Normal Balances > Flashcards

Account classifications, Normal Balances Flashcards

(60 cards)

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1
Q

interest expense

A

other expense
income statment
debit

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2
Q

Accounts Receivable

A

Current asset
Balance sheet
debit

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3
Q

prepaid rent

A

current asset
balance sheet
debit

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4
Q

mortgage payable

A

current liability/long-term liability
balance sheet
credit

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5
Q

stock investment

A

current asset/long-term investment
balance sheet
debit

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6
Q

utilities expense

A

operating expense
income statement
debit

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7
Q

equipment

A

plant asset
balance sheet
debit

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8
Q

common stock

A

stockholder’s equity
balance sheet
credit

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9
Q

accumulated depreciation - buildings

A

plant asset - contra
balance sheet
credit

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10
Q

accumulated depreciation

A

plant asset - contra
balance sheet
credit

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11
Q

inventory

A

current asset
balance sheet
debit

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12
Q

land

A

plant asset
balance sheet
debit

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13
Q

patents

A

intangible asset
balance sheet
debit

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14
Q

accounts payable

A

current liability
balance sheet
credit

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15
Q

supplies

A

current asset
balance sheet
debit

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16
Q

dividends payable

A

current liability
balance sheet
credit

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17
Q

prepaid insurance

A

current asset
balance sheet
debit

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18
Q

income taxes payable

A

current liability
balance sheet
credit

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19
Q

depreciation expense

A

operating expense
income statement
debit

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20
Q

notes payable

A

current liability/long-term liability
balance sheet
credit

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21
Q

bonds payable

A

current liability
balance sheet
credit

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22
Q

supplies expense

A

operating expense
income statement
debit

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23
Q

premium on bonds payable

A

current of longterm liability - contra
balance sheet
credit

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24
Q

paid-in capital in excess of par value - common stock

A

stockholder’s equity
balance sheet
credit

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25
paid-in capital in excess of par value - preferred stock
stockholder's equity balance sheet credit
26
treasury stock
stockholder's equity balance sheet debit
27
loss on disposal of pant assets
other expenses/loss income statement debit
28
debt investment
current asset/long-term investment balance sheet debit
28
buildings
Plant asset balance sheet debit
29
salaries and wages expense
operating expense income statement debit
31
dividend revenue
other income income statement credit
32
amortization expense
operating expense income statement debit
33
interest receivable
current asset balance sheet debit
33
sales revenue
revenue income statement credit
34
sales discounts
revenue - contra income statement debit
36
bad debt expense
operating expense income statement debit
37
cost of goods sold
COGS/expense income statement debit
38
discount on bonds payable
current or long term liability - contra balance sheet debit
39
salaries and wages payable
current liability balance sheet credit
41
dividends
temporary account closed to retained earnings retained earnings statement debit
42
goodwill
intangible asset balance sheet debit
44
service revenue
revenue income statement credit
45
allowance for doubtful accounts
current asset - contra balance sheet credit
47
sales returns and allowances
revenue - contra income statement debit
47
income tax expense
expense income statement debit
48
administrative expense
operating expense income statement debit
50
retained earnings
stockholder's equity balance sheet and income retained earnings statement credit
50
freight-out
operating expense income statement debit
51
interest revenue
other income/gain income statement credit
52
insurance expense
operating expense income statement debit
53
cash
current asset balance sheet debit
53
copyrights
intangible asset balance sheet debit
54
maintenance and repairs expense
operating expense income statement debit
55
rent expense
operating expense income statement debit
57
interest payable
current liability balance sheet credit
58
preferred stock
stockholder's equity balance sheet credit
58
gain on disposal of plant assets
other income income statement credit
59
income summary
temporary account closed to retained earnings n/a n/a
60
unearned service revenue
current liability balance sheet credit
60
selling expense
operating expense income statement debit

Accounting 305 (2 decks)

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