Accounting 1 Normal Balance

Created by mslindz 

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Normal balance and type of account for various types of accounts

Account Payable

Normal Balance: Credit
Type of Account: Liability
Financial Statement: BS

Account Receivable

Normal Balance: Debit
Type of Account: Asset
Financial Statement: BS

Advertising Expense

Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS

Capital Stock

Normal Balance: Credit
Type of Account: Owner's Equity
Financial Statement: BS

Cash

Normal Balance: Debit
Type of Account: Asset
Financial Statement: BS

Computer Equipment

Normal Balance: Debit
Type of Account: Asset
Financial Statement: BS

Computer Repair Expense

Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS

Computer Supplies

Normal Balance: Debit
Type of Account: Asset
Financial Statement: BS

Dividends

Normal Balance: Debit
Type of Account: Owner's Equity
Financial Statement: RE

Insurance Expense

Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS

Interest Expense

Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS

Interest Payable

Normal Balance: Credit
Type of Account: Liability
Financial Statement: BS

Note Payable

Normal Balance: Credit
Type of Account: Liability
Financial Statement: BS

Note Receivable

Normal Balance: Debit
Type of Account: Asset
Financial Statement: BS

Office Equipment

Normal Balance: Debit
Type of Account: Asset
Financial Statement: BS

Office Furniture

Normal Balance: Debit
Type of Account: Asset
Financial Statement: BS

Office Supplies

Normal Balance: Debit
Type of Account: Asset
Financial Statement: BS

Office Supplies Expense

Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS

Prepaid Insurance

Normal Balance: Debit
Type of Account: Asset
Financial Statement: BS

Prepaid Rent

Normal Balance: Debit
Type of Account: Asset
Financial Statement: BS

Rent Expense

Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS

Retained Earnings

Normal Balance: Credit
Type of Account: Owner's Equity
Financial Statement: BS

Salary Expense

Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS

Salary Payable

Normal Balance: Credit
Type of Account: Liability
Financial Statement: BS

Service Revenue

Normal Balance: Credit
Type of Account: Revenue
Financial Statement: IS

Unearned Revenue

Normal Balance: Credit
Type of Account: Liability
Financial Statement: BS

Utilities Expense

Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS

Accumulated Depreciation

Normal Balance: Credit
Type of Account: Asset
Financial Statement: BS

Cost of Merchandise Sold

Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS

Credit Card Expense

Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS

Delivery Expense

Normal Balance: Debit
Type of Account: Expense
Financial Statement: IS

Merchandise Inventory

Normal Balance: Debit
Type of Account: Asset
Financial Statement: BS

Sales

Normal Balance: Credit
Type of Account: Revenue
Financial Statement: IS

Sales Discount

Normal Balance: Debit
Type of Account: Revenue
Financial Statement: IS

Sales Returns & Allowances

Normal Balance: Debit
Type of Account: Revenue
Financial Statement: IS

Sales Tax Payable

Normal Balance: Credit
Type of Account: Liability
Financial Statement: BS

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