acct presentation and classifications

acct presentation and classifications - Account Title...

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Unformatted text preview: Account Title Classification Financial Statement Balance Accounts Payable Balance Sheet Current Liability Credit Accounts Receivable Current Asset Balance Sheet Debit Accumulated Dep1"eciationtuildings Plant Assetv—wContra Balance Sheet Credit Accumulated DepreciationmEquipment Plant Assam—Contra Balance Sheet Credit pdministrative Expenses Operating Expense Income Statement Debit Allowance for Doubtful Accounts Current AssetmmContra Balance Sheet Credit lTilrnortization Expense Operating Expense Income Statement Debit .- ‘ B __ Ead Debts Expense Operating Expense income Statement Debit Bonds Payable Long—Term Liability Balance Sheet Credit Buildings Plant Assets Balance Sheet Debit . ' C fish Current Asset Balance Sheet Debit Common Stock Stockholders Equity Balance Sheet Credit Copyzight Intangible Asset Baiance Sheet Debit Cost of Goods Sold Cost of Goods Sold Income Statement Debit ‘ ‘ D Depreciation Expense Operating Expense Income Statement Debit Discount on Bonds Payable Lonngerm Liability—~Contra Balance Sheet Debit Fividends Temporary account closed Retained Earnings Debit to Retained Earnings Statement [Elvidends Payable Current Liability Balance Sheet Credit I‘— . E . Equipment Plant Asset TBalance Sheet ebtt - F lFreight—out ‘ FIG—perenng Expense ilncome Statement Fan on Disposal of Plant Assets Other Income income Statement Goodwill flangible Asset Balance Sheet I Income Summary L_ I_Income Tax Expense Temporary account closed to Retained Earnings Not Applicable Income Tax Expense Income Statement Debit Income Taxes Payable Balance Sheet Current Liability Credit Insurance Expense Operating Expense Income Statement Interest Expense Other Expense Income Statement Interest Payable Current Liability Balance Sheet Interest Receivable Current Asset Balance Sheet Interest Revenue Other Income Income Statement Inventory Current Asset Balance Sheet {2) EP-‘i Normal ‘ceount Titie Classification Financial Statement Balance m...— Lancl I Plant Asset Balance Sheet Debit Loss on Disposal of Plant Assets Other Expense income Statement Debit Maintenance and Repairs Expense Operating Expense Income Statement ‘ Debit Mortgage Payable Long-Term Liability Balance Sheet Credit Notes Payable Current Liability! [Ba—Lance Sheet Credit Long-Term Liability : . . E, _ Balance Sheet I 7 Debit Balance Sheet Credit Intangible Asset Stockholders' Equity Patent Paid-in Capital in Excess of Far Value—Common Stock Paiddn Capital in Excess of Far Value—"Preferred Stock Preferred Stock Premium on Bonds Payable Stockholders' Equity Balance Sheet Credit Stockholders Equity Balance Sheet Credit Balance Sheet Credit Balance Sheet Debit Balance Sheet Debit Long-Term Liability—Contra Prepaid Insurance Current Asset Current Asset Prepaid Rent Rent Expense Operating Expense Income Statement Debit stained Earnings Stockholders' Equity Balance Sheet and Retained Credit Earnings Statement S Salaries and Wages Expense Operating Expense Income Statement Debit Salaries and Wages Payable Current Liability Balance Sheet Credit Sales Discounts Income Statement Debit income Statement Debit Income Statement Credit Income Statement Debit RevenuemContra Sales Returns and Allowances RevenuemContra Sales Revenue Revenue Selling Expenses Service Revenue LShort—Terin Investments Operating Expense Revenue Income Statement Credit Balance Sheet Debit Current Asset Supplies Current Asset Balance Sheet Debit Suppiies Expense Operating Expense Income Statement Debit l ' T ' fiasury Stockw—Comrnon Stockholders’ Equity l Balance Sheet l Debit . U . . Unearned Service Revenue Current Liability Baiance Sheet Credit Utilities Expense Operating Expense Income Statement Debit (1) The normal balance for Income Summary will be credit when there is a net income, debit when there is a net loss. The Income Summary account does not appear on any financial statement. (2} If a periodic system is used, Inventoly also appears on the income statement in the calculation of cost of goods sold. /. EP-2 The following is a sample chart of accounts. It does not represent a comprehensive chart of all the accounts used in this textbook but rather those accounts that are commonly used. This sample chart of accounts is for a company that generates both service revenue as well as sales revenue. It uses the perpetual approach to inventory. If a perioc system was used, the following temporary accounts would be needed to record inventory purchases: Purchases; Freightwin; Purchase Returns and Allowances; and Purchase Discounts. : Stockholders’ Accounts Receivable Allowance for Doubtqu SalesRetums and Accounts Salaries and Preferred Stock Allowances ' Wag-esPayable ' ' . ‘. _ Interest _ ' " . Paid-in Capitai in Interest Revenue. .' ‘-.- Receivable Interest Payaijle Excess of Par . _ ‘_ ' ‘ '3' _ ' ' ‘ ‘ i -' Value—~Preferred Gain on Eisposal i Inventory Dividends Payable Stock " PlantlASs-ets _ g I Supplies Income Taxes Treasury Stock” Payable Common Prepaid Insurance '2 .1 _ Bonds Payable Retained Earnings Prepaid Rent ‘ c . ‘ Discount on Bonds Dividends Land 'Payable' " _ - x: ‘ Income Summary Equipment Premium on Bonds " Payable Accumulated ' ' - Depreciationfl -.Mort_gage Payable Equipment ' Buildings Keen Accumulated _ 'ilSala es nd'Wa'g'es ‘ Depreciation—— 'ji; "Expense _ " Buildings 7 -" . Selling ExpenSes Copyright _ '. Supplies Expense Goodwiil . 'j- ‘- '- _ I _ Utilities Expense Patent - ' L. ' Amounts Payable Unearned Service - Revenue Paid-in Capital in Excess of Par Value—Common Stock Salesman? 7 ‘S-lalssfbisésunis' - Assets Liabilities Equity Revenues ‘Eash Notes-Payable Common Stock "sweating-Lie" ‘ I“ ' l " " " EP~3 ...
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This note was uploaded on 02/02/2012 for the course ACCT 2001 taught by Professor Lowe during the Spring '08 term at LSU.

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acct presentation and classifications - Account Title...

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