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154 Cards in this Set

  • Front
  • Back
Cash
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet, Statement of Cash Flows
Petty Cash
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet, Statement of Cash Flows
Cash equivalents
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet, Statement of Cash Flows
Short-term investments
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Accounts Receivable
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Allowance for Doubtful Accounts
Asset, Current Asset (coupled with accounts receivable)
Increase with Credit, Decrease with Debit
Normal Balance Credit (Contra-Asset Account)
Balance Sheet
Legal fees receivable
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Interest receivable
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Rent receivable
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Notes receivable
Asset, Current or Long-term Asset depending on due date
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Merchandise inventory
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Raw materials inventory
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Work in process inventory
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Finished goods inventory
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Office supplies
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Store supplies
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Prepaid insurance
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Prepaid interest
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Prepaid rent
Asset, Current Asset
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Long term Investment
Asset, Long Term Investment
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Bond Sinking Fund
Asset, Long Term Investment
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Automobiles
Asset, Property Plant & Equipment
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Accumulated depreciation Automobiles
Asset, Property Plant & Equipment
Increase with Credit, Decrease with Debit
Normal Balance Credit (Contra Asset Account)
Balance Sheet
Law library
Asset, Property Plant & Equipment
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Accumulated Depreciation - Law library
Asset, Property Plant & Equipment
Increase with Credit, Decrease with Debit
Normal Balance Credit (Contra Asset Account)
Balance Sheet
Furniture
Asset, Property Plant & Equipment
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Accumulated depreciation - Furniture
Asset, Property Plant & Equipment
Increase with Credit, Decrease with Debit
Normal Balance Credit (Contra Asset Account)
Balance Sheet
Office Equipment
Asset, Property Plant & Equipment
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Accumulated depreciation - Office Equipment
Asset, Property Plant & Equipment
Increase with Credit, Decrease with Debit
Normal Balance Credit (Contra Asset Account)
Balance Sheet
Building
Asset, Property Plant & Equipment
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Accumulated Depreciation - Building
Asset, Property Plant & Equipment
Increase with Credit, Decrease with Debit
Normal Balance Credit (Contra Asset Account)
Balance Sheet
Land improvements
Asset, Property Plant & Equipment
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Accumulated depreciation - Land improvements
Asset, Property Plant & Equipment
Increase with Credit, Decrease with Debit
Normal Balance Credit (Contra Asset Account)
Balance Sheet
Land
Asset, Property Plant & Equipment
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Mineral Deposit
Asset, Natural Resources
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Accumulated depletion - Mineral Deposit
Asset, Natural Resources
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Patents
Asset, Intangible Assets
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Franchise
Asset, Intangible Assets
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Copyrights
Asset, Intangible Assets
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Goodwill
Asset, Intangible Assets
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Accumulated amortization ______x intangible asset
Asset, Intangible Assets
Decrease with Debit, Increase with Credit
Normal Balance Credit (Contra Asset)
Balance Sheet
Accounts payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Insurance payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Interest payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Legal fees payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Office salaries payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Rent payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Salaries payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Estimated warranty liability
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Income taxes payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Common dividend payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Preferred dividend payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Unemployment taxes payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Employee federal income taxes payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Employee medical insurance payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Employee retirement program payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Employee union dues payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Federal unemployment taxes payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
FICA taxes payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Estimated vacation pay liability
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Unearned consulting fees
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Unearned legal fees
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Unearned revenue
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Unearned rent
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Short-term notes payable
Liability, Current Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Discount on short-term notes payable
Liability, Current Liabilities
Increase with Debit, Decrease with Credit
Normal Balance Debit (Contra-Liability)
Balance Sheet
Notes payable
Liability, Current Liabilities or Long Term Liabilities depending on the due date
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Long-term notes payable
Liability, Long-Term Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Long-term lease liability
Liability, Long-Term Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Bonds payable
Liability, Long-Term Liabilities (usually, could be short term depending on maturity date)
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Discount on Bonds Payable
Liability, Long-term Liabilities (coupled with Bonds Payable)
Increase with Debit, Decrease with Credit
Normal Balance Debit (Contra-Liability)
Balance Sheet
Premium on Bonds Payable
Liability, Long-Term Liabilities (coupled with Bonds Payable)
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Deferred income tax liability
Liability, Long-Term Liabilities
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Common stock, $-- par value
Equity, Contributed Capital
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Common stock, no-par value
Equity, Contributed Capital
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Common stock, $ __ stated Value
Equity, Contributed Capital
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Common stock dividend distributable
Equity, Contributed Capital
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Paid in capital in excess of par value, Common stock
Equity, Contributed Capital
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Paid in capital in excess of stated value, no-par common stock
Equity, Contributed Capital
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Paid-in capital, Treasury stock
Equity, Contributed Capital
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Preferred stock
Equity, Contributed Capital
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Paid-in capital in excess of par value, Preferred stock
Equity, Contributed Capital
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet
Retained earnings
Equity, Retained Earnings
Decrease with Debit, Increase with Credit
Normal Balance Credit
Balance Sheet, Statement of Retained Earnings
Treasury stock, Common
Equity
Increase with Debit, Decrease with Credit
Normal Balance Debit
Balance Sheet
Fees Earned
Revenue
Decrease with Debit, Increase with Credit
Normal Balance Credit
Income Statement
Service Revenue
Revenue
Decrease with Debit, Increase with Credit
Normal Balance Credit
Income Statement
Commissions earned
Revenue
Decrease with Debit, Increase with Credit
Normal Balance Credit
Income Statement
Rent Revenue
Revenue
Decrease with Debit, Increase with Credit
Normal Balance Credit
Income Statement
Dividends revenue
Revenue
Decrease with Debit, Increase with Credit
Normal Balance Credit
Income Statement
Interest revenue
Revenue
Decrease with Debit, Increase with Credit
Normal Balance Credit
Income Statement
Sales
Revenue
Decrease with Debit, Increase with Credit
Normal Balance Credit
Income Statement
Sales returns and allowances
Revenue
Increase with Debit, Decrease with Credit
Normal Balance Debit (Contra Revenue account)
Income Statement
Sales discounts
Revenue
Increase with Debit, Decrease with Credit
Normal Balance Debit (Contra Revenue Account)
Income Statement
Cost of Goods Sold
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Amortization expense ----
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Depletion expense ________
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Depreciation expense ________________
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Office salaries expense
Expense - General & Administrative Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Sales salaries expense
Expense - Selling expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Salaries expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Employees' benefits expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Payroll taxes expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Cash over and short
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Interest expense
Expense - other expenses
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Insurance expense - Delivery equipment
Expense - Selling expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Insurance expense - Office equipment
Expense - General & Administrative expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Insurance expense - _________________
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Rent expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Rent expense - Office space
Expense - General & administrative expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Rent expense - Selling space
Expense - Selling expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Truck rental expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
____________ rental expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Office supplies expense
Expense - General & administrative expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Store supplies expense
Expense - Store supplies expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
_____________ supplies expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Advertising expense
Expense - Selling expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Bad debts expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Collection expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Delivery expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Freight expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Equipment expense (not the same as depreciation expense)
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Gas and oil expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
General and administrative expense
Expense - general and administrative
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Janitorial expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Legal fees expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Mileage expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Miscellaneous expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Mower and tools expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Organization expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Postage expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Property taxes expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Repair expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Selling expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Telephone expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Travel and entertainment expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Utilities expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Warranty expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Income taxes expense
Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Gain on retirement of bonds
Other Revenue
Decrease with Debit, Increase with Credit
Normal Balance Credit
Income Statement
Gain on sale of machinery
Other Revenue
Decrease with Debit, Increase with Credit
Normal Balance Credit
Income Statement
Gain on sale of investments
Other Revenue
Decrease with Debit, Increase with Credit
Normal Balance Credit
Income Statement
Gain on sale of trucks
Other Revenue
Decrease with Debit, Increase with Credit
Normal Balance Credit
Income Statement
Gain on ________________
Other Revenue
Decrease with Debit, Increase with Credit
Normal Balance Credit
Income Statement
Loss on disposal of machinery
Other Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Loss on exchange of equipment
Other Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Loss on exchange of __________________
Other Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Loss on sale of notes
Other Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Loss on retirement of bonds
Other Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Loss on sale of investments
Other Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Loss on sale of machinery
Other Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Loss on _________________________
Other Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Impairment gain
Other Revenue
Decrease with Debit, Increase with Credit
Normal Balance Credit
Income Statement
Impairment loss
Other Expense
Increase with Debit, Decrease with Credit
Normal Balance Debit
Income Statement
Income Summary
Clearing Account
Zero balance before and after closing
Does not appear on the financial statements