Account Classification & Normal Balances

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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


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