Account Classification & Normal Balances
Unearned Revenue (Customer has paid for service but the service has not been provided)
Liability Credit
Land or Building accounts
asset debit
Prepaid rent
asset debit
accounts receivable
asset debit
cash
asset debit
equipment
asset debit
petty cash
asset debit
prepaid insurance
asset debit
supplies-office
asset debit
supplies-store
asset debit
purchases discounts
contra-cost of merchandise credit
purchases returns and allowances
contra-cost of merchandise credit
sales discount
contra-revenue debit
sales returns and allowances
contra-revenue debit
purchases
cost of merchandise debit
cash short and over
either an "other expense" or "other revenue" no normal balance
advertising expense
expense debit
rent expense
expense debit
accounts payable
liability credit
notes payable
liability credit
sales tax payable
liability credit
Fees
revenue credit
sales
revenue credit
capital stock
stockholder's equity credit
retained earnings
stockholder's equity credit
dividends
stockholder's equity debit
income summary
stockholder's equity no normal balance
