Account Classification

Question 1

Account Classification

Accounts Payable

Accounting Principles

Answer 1

Current Liabilities

Account classification

Question 2

Account Classification

Accounts Receivable

Accounting Principles

Answer 2

Current Assets

Accounts Classification

Question 3

Account Classification

Accumulated Depreciation—Buildings

Accounting Principles

Answer 3

PPE Asset—Contra

Account Classification

Question 4

Account Classification

Advertising Expense

Accounting Principles

Answer 4

Operating Expense

Account Classification

Question 5

Account Classification

Allowance for Doubtful Accounts

Accounting Principles

Answer 5

Current Assets—Contra

Account Classification

Question 6

Account Classification

Amortization Expense

Accounting Principles

Answer 6

Operating Expense

Account Classification

Question 7

Account Classification

Bad Debt Expense

Accounting Principles

Answer 7

Operating Expense

Account Classification

Question 8

Account Classification

Bonds Payable

Accounting Principles

Answer 8

Long-Term Liabilities

Account Classification

Question 9

Account Classification

Buildings

Accounting Principles

Answer 9

PPE Asset

Account Classification

Question 10

Account Classification

Cash

Accounting Principles

Answer 10

Current Assets (cash and cash equivalents)

Account Classification

Question 11

Account Classification

Common Stock

Accounting Principles

Answer 11

Stockholders’ Equity

Account Classification

Question 12

Account Classification

Copyrights

Accounting Principles

Answer 12

Intangible Assets

Account Classification

Question 13

Account Classification

Cost of Goods Sold

Accounting Principles

Answer 13

Cost of Goods Sold

Account Classification

Question 14

Account Classification

Debt Investments

Accounting Principles

Answer 14

Current Assets / Long-Term Investment

Account Classification

Question 15

Account Classification

Depreciation Expense

Accounting Principles

Answer 15

Operating Expense

Account Classification

Question 16

Account Classification

Discount on Bonds Payable

Accounting Principles

Answer 16

Long-Term Liabilities—Contra

Account Classification

Question 17

Account Classification

Divdend Revenue

Accounting Principles

Answer 17

Other Income

Account Classification

Question 18

Account Classification

Dividends

Accounting Principles

Answer 18

Temporary account closed to Retained Earnings

Account Classification

Question 19

Account Classification

Dividends Payable

Accounting Principles

Answer 19

Current Liabilities

Account Classification

Question 20

Account Classification

Equipment

Account Classification

Accounting Principles

Answer 20

PPE Asset

Account Classification

Question 21

Account Classification

Freight-Out

Accounting Principles

Answer 21

Operating Expense

Account Classification

Question 22

Account Classification

Gain on Disposal of Plant Assets

Accounting Principles

Answer 22

Other Income

Account Classification

Question 23

Account Classification

Goodwill

Accounting Principles

Answer 23

Intangible Assets

Account Classification

Question 24

Account Classification

Income Summary

Accounting Principles

Answer 24

Temporary account closed to Retained Earnings

Account Classification

Question 25

Account Classification

Income Tax Expense

Accounting Principles

Answer 25

Income Tax Expense

Account Classification

Question 26

Account Classification

Income Taxes Payable

Accounting Principles

Answer 26

Current Liabilities

Account Classification

Question 27

Account Classification

Insurance Expense

Accounting Principles

Answer 27

Operating Expense

Account Classification

Question 28

Account Classification

Interest Expense

Accounting Principles

Answer 28

Other Expense

Account Classification

Question 29

Account Classification

Interest Payable

Accounting Principles

Answer 29

Current Liabilities

Account Classification

Question 30

Account Classification

Interest Receivable

Accounting Principles

Answer 30

Current Assets

Account Classification

Question 31

Account Classification

Interest Revenue

Accounting Principles

Answer 31

Other Income

Account Classification

Question 32

Account Classification

Inventory

Accounting Principles

Answer 32

Current Assets

Account Classification

Question 33

Account Classification

Land

Accounting Principles

Answer 33

PPE Asset

Account Classification

Question 34

Account Classification

Loss on Disposal of Plant Assets

Accounting Principles

Answer 34

Other Expense

Account Classification

Question 35

Account Classification

Maintenance and Repairs Expense

Accounting Principles

Answer 35

Operating Expense

Account Classification

Question 36

Account Classification

Mortgage Payable

Accounting Principles

Answer 36

Long-Term Liabilities

Account Classification

Question 37

Account Classification

Notes Payable

Accounting Principles

Answer 37

Current Liabliities / Long-Term Liabilities

Account Classification

Question 38

Account Classification

Owner’s Capital

Accounting Principles

Answer 38

Owner’s Equity

Account Classification

Question 39

Account Classification

Owner’s Drawings

Accounting Principles

Answer 39

Temporary account closed to Owner’s Capital

Account Classification

Question 40

Account Classification

Patents

Accounting Principles

Answer 40

Intangible Assets

Account Classification

Question 41

Account Classification

Paid-in Capital in Excess of Par—Common Stock

Accounting Principles

Answer 41

Stockholders’ Equity

Account Classification

Question 42

Account Classification

Paid-in Capital in Excess of Par—Preferred Stock

Accounting Principles

Answer 42

Stockholders’ Equity

Account Classification

Question 43

Account Classification

Preferred Stock

Accounting Principles

Answer 43

Stockholders’ Equity

Account Classification

Question 44

Account Classification

Premium on Bonds Payable

Accounting Principles

Answer 44

Long-Term Liabilties—Adjunct

Account Classification

Question 45

Account Classification

Prepaid Insurance

Accounting Principles

Answer 45

Current Assets

Account Classification

Question 46

Account Classification

Prepaid Rent

Accounting Principles

Answer 46

Current Assets

Account Classification

Question 47

Account Classification

Rent Expense

Accounting Principles

Answer 47

Operating Expense

Account Classification

Question 48

Account Classification

Retained Earnings

Accounting Principles

Answer 48

Stockholders’ Equity

Account Classification

Question 49

Account Classification

Salaries and Wages Expense

Accounting Principles

Answer 49

Operating Expense

Account Classification

Question 50

Account Classification

Salaries and Wages Payable

Accounting Principles

Answer 50

Current Liabilties

Account Classification

Question 51

Account Classification

Sales Discounts

Accounting Principles

Answer 51

Revenue—Contra

Account Classification

Question 52

Account Classification

Sales Returns and Allowances

Accounting Principles

Answer 52

Revenue—Contra

Account Classification

Question 53

Account Classification

Sales Revenue

Accounting Principles

Answer 53

Revenue

Account Classification

Question 54

Account Classification

Selling Expenses

Accounting Principles

Answer 54

Operating Expense

Account Classification

Question 55

Account Classification

Service Revenue

Accounting Principles

Answer 55

Revenue

Account Classification

Question 56

Account Classification

Stock Investments

Accounting Principles

Answer 56

Current Assets / Long-Term Investment

Account Classification

Question 57

Account Classification

Supplies

Accounting Principles

Answer 57

Current Assets

Account Classification

Question 58

Account Classification

Supplies Expense

Accounting Principles

Answer 58

Operating Expense

Account Classification

Question 59

Account Classification

Treasury Stock

Accounting Principles

Answer 59

Stockholders’ Equity

Account Classification

Question 60

Account Classification

Unearned Service Revenue

Accounting Principles

Answer 60

Current Liabilties

Account Classification

Question 61

Account Classification

Utilities Expense

Accounting Principles

Answer 61

Operating Expense

Account Classification