Accounting 181- Financial Accounting, Wiley 9th Edition

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Accounts Payable
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Classification: Current Liability Financial Statement: Balance Sheet Normal Balance: Credit
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Accounts Receivable
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Classification: Current Asset Financial Statement: Balance Sheet Normal Balance: Debit
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Accumulated Depreciation- Buildings
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Classification: Plant Asset- Contra Financial Statement: Balance Sheet Normal Balance: Credit
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Accumulated Depreciation- Equipment
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Classification: Plant Asset- Contra Financial Statement: Balance Sheet Normal Balance: Credit
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Advertising Expense
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Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit
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Allowance for Doubtful Accounts
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Classification: Current Asset- Contra Financial Statement: Balance Sheet Normal Balance: Credit
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Amortization Expense
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Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit
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Bad Debt Expense
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Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit
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Bonds Payable
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Classification: Long-Term Liability Financial Statement: Balance Statement Normal Balance: Credit
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Buildings
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Classification: Plant Asset Financial Statement: Balance Sheet Normal Balance: Debit
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Cash
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Classification: Current Asset Financial Statement: Balance Sheet Normal Balance: Debit
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Common Stock
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Classification: Stockholder’s Equity Financial Statement: Balance Sheet Normal Balance: Credit
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Cost of Goods Sold
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Classification: Cost of Goods Sold Financial Statement: Income Statement Normal Balance: Debit
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Depreciation Expense
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Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit
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Discount on Bonds Payable
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Classification: Long-Term Liability- Contra Financial Statement: Balance Sheet Normal Balance: Debit
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Dividends
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Classification: Temporary Account closed to Retained Earnings Financial Statement: Retained Earnings Statement Normal Balance: Debit
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Dividends Payable
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Classification: Current Liability Financial Statement: Balance Sheet Normal Balance: Credit
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Equipment
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Classification: Plant Asset Financial Statement: Balance Sheet Normal Balance: Debit
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Freight-Out
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Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit
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Income Tax Expense
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Classification: Income Tax Expense Financial Statement: Income Statement Normal Balance: Debit
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Income Taxes Payable
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Classification: Current Liability Financial Statement: Balance Sheet Normal Balance: Credit
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Insurance Expense
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Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit
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Interest Expense
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Classification: Other Expense Financial Statement: Income Statement Normal Balance: Debit
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Interest Payable
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Classification: Current Liability Financial Statement: Balance Sheet Normal Balance: Credit
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Interest Receivable
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Classification: Current Asset Financial Statement: Balance Sheet Normal Balance: Debit
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Interest Revenue
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Classification: Other Income Financial Statement: Income Statement Normal Balance: Credit
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Inventory
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Classification: Current Asset Financial Statement: Balance Sheet Normal Balance: Debit
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Land
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Classification: Plant Asset Financial Statement: Balance Sheet Normal Balance: Debit
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Maintenance and Repairs Expense
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Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit
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Notes Payable
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Classification: Current Liability/ Long-Term Liability Financial Statement: Balance Sheet Normal Balance: Credit
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Paid-in Capital in Excess of Par- Common Stock
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Classification: Stockholder’s Equity Financial Statement: Balance Sheet Normal Balance: Credit
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Paid-in Capital in Excess of Par- Preferred Stock
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Classification: Stockholder’s Equity Financial Statement: Balance Sheet Normal Balance: Credit
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Preferred Stock
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Classification: Stockholder’s Equity Financial Statement: Balance Sheet Normal Balance: Credit
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Premium on Bonds Payable
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Classification: Long-Term Liability- Adjunct Financial Statement: Balance Sheet Normal Balance: Credit
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Prepaid Insurance
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Classification: Current Asset Financial Statement: Balance Sheet Normal Balance: Debit
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Prepaid Rent
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Classification: Current Asset Financial Statement: Balance Sheet Normal Balance: Debit
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Rent Expense
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Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit
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Retained Earnings
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Classification: Stockholder’s Equity Financial Statement: Balance Sheet and Retained Earnings Statement Normal Balance: Credit
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Salaries and Wages Expense
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Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit
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Salaries and Wages Payable
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Classification: Current Liability Financial Statement: Balance Sheet Normal Balance: Credit
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Sales Discounts
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Classification: Revenue- Contra Financial Statement: Income Statement Normal Balance: Debit
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Sales Returns and Allowances
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Classification: Revenue- Contra Financial Statement: Income Statement Normal Balance: Debit
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Sales Revenue
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Classification: Revenue Financial Statement: Income Statement Normal Balance: Credit
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Selling Expenses
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Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Credit
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Service Revenue
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Classification: Revenue Financial Statement: Income Statement Normal Balance: Credit
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Supplies
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Classification: Current Asset Financial Statement: Balance Sheet Normal Balance: Debit
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Supplies Expense
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Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit
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Treasury Stock
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Classification: Stockholder’s Equity Financial Statement: Balance Sheet Normal Balance: Debit
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Unearned Service Revenue
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Classification: Current Liability Financial Statement: Balance Sheet Normal Balance: Credit
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Utilities Expense
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Classification: Operating Expense Financial Statement: Income Statement Normal Balance: Debit
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Accounting Formula
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Assets = Liabilities + Stockholder’s Equity
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Calculating Net Income
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Net Income = Revenues – Expenses
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Calculating Ending Balance of Retained Earnings
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Beginning RE + Net Income – Dividends = Ending RE
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Method of Accounting
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Accrual Method Cash Method
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Calculating Interest
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Loan Account x Interest Rate x Period of Time
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Kind of Inventory
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Periodic System Perpetual System

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