Accounting: Classification of Accounts
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
