lOMoARcPSD|5486927

Account Titles

Accounting (Cagayan State University)

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Classification of Accounts

Account Title Account Classification Normal Financial Statement

Balance

Accounts Payable Current liability Credit Balance sheet

Accounts Receivable Current asset Debt Balance sheet
Accumulated Depreciation Plant asset Credit Balance sheet
Accumulated Depletion Plant asset Credit Balance sheet
Advertising Expense Operating expense Debit Income statement
Al l ow ance for Doubtful Accounts C urrent asset Credit Balance sheet
Amortization Expense Operating expense Debit Income statement
Appropri ati on for___________ Stockholders equity Credit Retained earnings
statement/
Balance sheet
Bonds Payable Long term li abi l i ty Credit Balance sheet
Building Plant asset Debit Balance sheet
___________Capital Owners equity Credit Statement of owner’s
equity/
Balance sheet
Capital Stock Stockholders equity Credit Balance sheet
Cash Current asset Debit Balance sheet
Cash Dividends Stockholders’ equity Debit Retained earnings
statement
Cash Dividends Payable Current liability Credit Balance sheet
Common Stock Stockholders’ equity Credit Balance sheet

Cost of Merchandise (Goods) Cost of merchandise(goods Debit Income statement

Sold sold)

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D eferred Income Tax C urrent Li abi l i ty/Long term Credit Bal ance sheet
liability
Depletion Expense Operating expense Debit Income statement
Discount on Bonds Payable Long term li abi l i ty Debit Balance sheet
D i vi dend Income Other income Credit Income statement
Dividends Stockholders’ equity Debit Retained earnings
statement
Donated Capital Stockholders’ equity Credit Balance sheet
Empl oyees Federal Income Tax Current liability Credit Balance sheet
Payable
Equipment Plant asset Debit Balance sheet
Exchange Gai n Other income Credit Income statement
Exchange Loss Other expense Debit Income statement
Factory/Overhead (Overapplied) Deferred credit Credit Balance sheet (interim)
Factory Overhead Deferred debit Debit Balance sheet (interim)
(Underapplied)
Federal Income Tax Payabl e Current liability Credit Balance sheet
Federal Unempl oyment Tax Current liability Credit Balance sheet
Payable
FIC A Tax Payabl e Current liability Credit Balance sheet
Fi ni shed Goods Current asset Debit Balance sheet
Gain on Disposal of Plant Other income Credit Income statement
Assets
Gain on Redemption of Bonds Extraordinary item Credit Income statement
Gai n on Sal e of Investments Other income Credit Income statement
Goodwill Intangible asset Debit Balance sheet
Income Tax Income tax Debit Income statement
Income Tax Payabl e Current liability Credit Balance sheet

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Insurance Expense Operating expense Debit Income statement

Interest Expense Other expense Debit Income statement
Interest Income Other income Credit Income statement
Interest Receivable Current asset Debit Balance sheet
Investment in Bonds Investment Debit Balance sheet
Investment in Stocks Investment Debit Balance sheet
Investment in Subsidiary Investment Debit Balance sheet
Land Plant asset Debit Balance sheet
Loss on Disposal of Plant Other expense Debit Income statement
Assets
Loss on Redemption Bonds Extraordinary item Debit Income statement
Loss on Sal e of Investments Other expense Debit Income statement
Marketable Securities Current assets Debit Balance sheet
Materials Current asset Debit Balance sheet
Merchandi se Inventory Current asset/Cost of Debit Balance sheet/Income
merchandise sold statement
Notes Payable C urrent li abi l i ty/Long- term Credit Balance sheet
liability
Notes Receivable Current asset/Investment Debit Balance sheet
Organization Costs Intangible asset Debit Balance sheet
Patents Intangible asset Debit Balance sheet
Pai d-In Capi tal from Sal e of Stockholders’ equity Credit Balance sheet
Treasury Stock
Paid-In Capital in Excess of Stockholders’ equity Credit Balance sheet
Par (Stated Value)
Payrol l Tax Expense Operating expense Debit Income statement
Pension Expense Operating expense Debit Income statement

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Petty Cash Current asset Debit Balance sheet

Premium on Bonds Payable Long-term liability Credit Balance sheet
Prepai d Insurance Current asset Debit Balance sheet
Prepaid Rent Current asset Debit Balance sheet
Preferred Stock Stockholders’ equity Credit Balance sheet
Purchases Cost of Merchandise sold Debit Income statement
Purchases Discounts Cost of merchandise sold Credit Income statement
Purchases Returns and Cost of merchandise sold Credit Income statement
Allowances
Rent Expense Operating expense Debit Income statement
R ent Income Other income Credit Income statement
Retained Earnings Shareholders’ equity Credit Balance sheet/Retained
earnings statement
Salaries Expense Operating expense Debit Income statement
Salaries Payable Current liability Credit Balance sheet
Sales R evenue from sal es Credit Income statement
Sales Discounts R evenue from sal es Debit Income statement
Sales Returns and Allowances R evenue from sal es Debit Income statement
Sal es Tax Payabl e Current liability Credit Balance sheet
Si nki ng Fund Cash Investment Debit Balance sheet
Si nki ng Fund Investments Investment Debit Balance sheet
State Unempl oyment Tax Current liability Credit Balance sheet
Payable
Stock Dividends Stockholders’ equity Debit Retained earnings
statement
Stock Dividends Distributable Stockholders’ equity Credit Balance sheet
Supplies Current Asset Debit Balance sheet

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Supplies Expense Operating expense Debit Income statement

Transportati on In Cost of merchandise sold Debit Income statement
Treasury Stock Stockholders’ equity Debit Balance sheet
Uncollectible Accounts Expense Operating expense Debit Income statement
Unearned Rent Current liability Credit Balance sheet
Utilities Expense Operating expense Debit Income statement
Vacation Pay Expense Operating expense Debit Income statement
Vacation Pay Payable C urrent li abi l i ty/Long- term Credit Balance sheet
liability
Work in Process Current asset Debit Balance sheet

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