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36 terms

Accounting 1 Normal Balance

Normal balance and type of account for various types of accounts
STUDY
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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