Normal Balance: Debit or Credit?

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Salaries and Wages Expense

debit

Short-term Investments

debit

Supplies

debit

Supplies Expense

debit

Utilities Expense

debit

accounts receivable

debit

advertising expense

debit

cash

debit

cost of goods sold

debit

depreciation expense

debit

dividends

debit

equipment

debit

income tax expense

debit

insurance expense

debit

interest expense

debit

interest receivable

debit

land

debit

long-term investment in stock

debit

merchandise inventory

debit

trucks

debit

Treasury stock

debit (contra-equity to total shareholders' equity)

Discount on bonds payable

debit (contra-liability from bonds payable)

Sales Returns and Allowances, Sales Discounts

debit (contra-revenue to sales)

Notes Payable (due in 3 months)

credit

Retained Earnings

credit

Salaries and Wages Payable

credit

Sales

credit

Unearned Revenue

credit

common stock

credit

gain on sale of equipment

credit

income taxes payable

credit

interest payable

credit

mortgage payable ($9,270 due this year)

credit

Allowance for Doubtful Accounts

credit (contra-asset to A/R)

accumulated depreciation-equipment

credit (contra-asset)

accumulated depreciation-trucks

credit (contra-asset)

interest income

credit (where does this go?)

Notes Receivable (due in 6 months)

debit

Prepaid Insurance

debit


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