Normal Balances ACCT 201
Cash
ASSET: normal balance=debit
Petty Cash
Asset: normal balance=debit
Short term investments
Asset: normal balance=debit
accounts recievable
Asset: normal balance=debit
automobiles
Asset: normal balance=debit
interest receivable
Asset: normal balance=debit
land
Asset: normal balance=debit
long term investments
Asset: normal balance=debit
merchandise inventory
Asset: normal balance=debit
notes receivable
Asset: normal balance=debit
office supplies
Asset: normal balance=debit
prepaid insurance
Asset: normal balance=debit
store equipment
Asset: normal balance=debit
store supplies
Asset: normal balance=debit
accumulated depreciation
Asset: (Contra account) normal balance=credit
allowance for doubtful accounts
Asset: (Contra account) normal balance=credit
sales
Equity normal balance=credit
depreciation expense
Equity normal balance=debit
Capital
Equity: normal balance=credit
common stock
Equity: normal balance=credit
fees earned
Equity: normal balance=credit
retained earnings
Equity: normal balance=credit
service revenue
Equity: normal balance=credit
cash dividends
Equity: normal balance=debit
cost of goods sold
Equity: normal balance=debit
factory payroll
Equity: normal balance=debit
interest expense
Equity: normal balance=debit
office supplies expense
Equity: normal balance=debit
payroll taxes expense
Equity: normal balance=debit
purchases
Equity: normal balance=debit
rent expense
Equity: normal balance=debit
rent on factory building
Equity: normal balance=debit
salaries expense
Equity: normal balance=debit
stock dividends
Equity: normal balance=debit
transportation in
Equity: normal balance=debit
depreciation on factory building
Equity: normal balance=debit
depreciation on factory equipment
Equity: normal balance=debit
sales discounts
Equity: (Contra account) Normal balance=Credit
Sales returns and allowances
Equity: (Contra account) normal balance=credit
purchase discounts
Equity: (Contra account) normal balance=credit
purchases returns and allowances
Equity: (Contra account) normal balance=credit
accounts payable
Liability: normal balance=credit
notes payable
Liability: normal balance=credit
salaries payable
Liability: normal balance=credit
short term notes payable
Liability: normal balance=credit
unearned consulting fees
Liability: normal balance=credit
unearned rent
Liability: normal balance=credit
unearned revenue
Liability: normal balance=credit
discounts on short term notes payable
Liability: (Contra account) normal balance=debit
income summary
credit/ debit
cash over and short
credit/debit
gains and losses
credit/debit