Chapter 3 & 4 - Type of Account, Normal Balance, Financial Statement
Accounts Receivable
Asset Debit balance Balance Sheet
Buildings
Asset Debit balance Balance Sheet
Cash
Asset Debit balance Balance Sheet
Computers
Asset Debit balance Balance Sheet
Equipment
Asset Debit balance Balance Sheet
Interest Receivable
Asset Debit balance Balance Sheet
Inventory (or Merchandise)
Asset Debit balance Balance Sheet
Prepaid Rent
Asset Debit balance Balance Sheet
Supplies
Asset Debit balance Balance Sheet
Unexpired Insurance
Asset Debit balance Balance Sheet
Accumulated Depreciation
Contra-asset Credit balance Balance Sheet
Dividends
Dividends Debit balance Statement of Retained Earnings
Advertising Expense
Expense Debit balance Income Statement
Cost of Goods Sold
Expense Debit balance Income Statement
Depreciation Expense
Expense Debit balance Income Statement
Interest Expense
Expense Debit balance Income Statement
Rent Expense
Expense Debit balance Income Statement
Salaries/Wages Expense
Expense Debit balance Income Statement
Supplies Expense
Expense Debit balance Income Statement
Unearned Fees
Liability Credit Balance Balance Sheet
Accounts Payable
Liability Credit balance Balance Sheet
Interest Payable
Liability Credit balance Balance Sheet
Rent Payable
Liability Credit balance Balance Sheet
Salaries/Wages Payable
Liability Credit balance Balance Sheet
Capital Stock
Owners' Equity Credit balance Balance Sheet
Retained Earnings
Owners' Equity Credit balance Balance Sheet
Fees Earned
Revenue Credit balance Income Statement
Interest Income
Revenue Credit balance Income Statement
Rent Revenue
Revenue Credit balance Income Statement
Sales
Revenue Credit balance Income Statement