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Accounting 305 > Account classifications, Normal Balances > Flashcards

Account classifications, Normal Balances Flashcards

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
Q

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

A

stockholder’s equity
balance sheet
credit

26
Q

treasury stock

A

stockholder’s equity
balance sheet
debit

27
Q

loss on disposal of pant assets

A

other expenses/loss
income statement
debit

28
Q

debt investment

A

current asset/long-term investment
balance sheet
debit

28
Q

buildings

A

Plant asset
balance sheet
debit

29
Q

salaries and wages expense

A

operating expense
income statement
debit

31
Q

dividend revenue

A

other income
income statement
credit

32
Q

amortization expense

A

operating expense
income statement
debit

33
Q

interest receivable

A

current asset
balance sheet
debit

33
Q

sales revenue

A

revenue
income statement
credit

34
Q

sales discounts

A

revenue - contra
income statement
debit

36
Q

bad debt expense

A

operating expense
income statement
debit

37
Q

cost of goods sold

A

COGS/expense
income statement
debit

38
Q

discount on bonds payable

A

current or long term liability - contra
balance sheet
debit

39
Q

salaries and wages payable

A

current liability
balance sheet
credit

41
Q

dividends

A

temporary account closed to retained earnings
retained earnings statement
debit

42
Q

goodwill

A

intangible asset
balance sheet
debit

44
Q

service revenue

A

revenue
income statement
credit

45
Q

allowance for doubtful accounts

A

current asset - contra
balance sheet
credit

47
Q

sales returns and allowances

A

revenue - contra
income statement
debit

47
Q

income tax expense

A

expense
income statement
debit

48
Q

administrative expense

A

operating expense
income statement
debit

50
Q

retained earnings

A

stockholder’s equity
balance sheet and income retained earnings statement
credit

50
Q

freight-out

A

operating expense
income statement
debit

51
Q

interest revenue

A

other income/gain
income statement
credit

52
Q

insurance expense

A

operating expense
income statement
debit

53
Q

cash

A

current asset
balance sheet
debit

53
Q

copyrights

A

intangible asset
balance sheet
debit

54
Q

maintenance and repairs expense

A

operating expense
income statement
debit

55
Q

rent expense

A

operating expense
income statement
debit

57
Q

interest payable

A

current liability
balance sheet
credit

58
Q

preferred stock

A

stockholder’s equity
balance sheet
credit

58
Q

gain on disposal of plant assets

A

other income
income statement
credit

59
Q

income summary

A

temporary account closed to retained earnings
n/a
n/a

60
Q

unearned service revenue

A

current liability
balance sheet
credit

60
Q

selling expense

A

operating expense
income statement
debit

Accounting 305 (2 decks)

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