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89 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 |
|
Accounts 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 |
|
Short-term investments
|
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 |
|
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 |
|
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 |
|
Furniture
|
Asset, Property Plant & Equipment
Increase with Debit, Decrease with Credit Normal Balance Debit 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 |
|
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 |
|
Unearned consulting 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 |
|
Retained earnings
|
Equity, Retained Earnings
Decrease with Debit, Increase with Credit Normal Balance Credit Balance Sheet, Statement of Retained Earnings |
|
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 |
|
Income Summary
|
Clearing Account
Zero balance before and after closing Does not appear on the financial statements |