Accounting: Classification of Accounts

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Land

Classification: Asset Normal balance: Debit FS: Balance sheet

Prepaid insurance

Classification: Asset Normal balance: Debit FS: Balance sheet

Prepaid rent

Classification: Asset Normal balance: Debit FS: Balance sheet

Supplies

Classification: Asset Normal balance: Debit FS: Balance sheet

Accounts receivable

Classification: Asset Normal balance: Debit FS: Balance sheet

Cash

Classification: Current asset Normal balance: Debit FS: Balance sheet

Salaries payable

Classification: Current liability Normal balance: Credit FS: Balance sheet

Building

Classification: Fixed asset Normal balance: Debit FS: Balance sheet

Equipment

Classification: Fixed asset Normal balance: Debit FS: Balance sheet

Notes payable

Classification: Liability Normal balance: Credit FS: Balance sheet

Unearned rent

Classification: Liability Normal balance: Credit FS: Balance sheet

Advertising Expense

Classification: Operating expense Normal balance: Debit FS: Income statement

Insurance expense

Classification: Operating expense Normal balance: Debit FS: Income statement

Rent expense

Classification: Operating expense Normal balance: Debit FS: Income statement

Supplies expense

Classification: Operating expense Normal balance: Debit FS: Income statement

Utilities expense

Classification: Operating expense Normal balance: Debit FS: Income statement

Salaries expense

Classification: Operating expense Normal balance: Debit FS: Income statement

Rent revenue

Classification: Other income Normal balance: Credit FS: Income statement

(Name) Drawing

Classification: Owner's equity Normal balance: Debit FS: Statement of owner's equity

(Name) Capital

Classification: Owner's equity Normal balance: Credit FS: Statement of O.E. / Balance sheet

Fees Earned

Classification: Revenue Normal balance: Credit FS: Income statement

Accounts payable

Classification: liability Normal balance: Credit FS: Balance sheet


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