Account ID Quiz #2

Cash

Balance Sheet - Debit (normal balance)

Accounts Receivable

Balance Sheet - Debit (normal balance)

Inventory or Merchandise Inventory

Balance Sheet - Debit (normal balance)

Supplies

Balance Sheet - Debit (normal balance)

Prepaid Rent

Balance Sheet - Debit (normal balance)

Prepaid Insurance

Balance Sheet - Debit (normal balance)

Long Term Investments

Balance Sheet - Debit (normal balance)

Land

Balance Sheet - Debit (normal balance)

Equipment

Balance Sheet - Debit (normal balance)

Accumulated Depreciation, Equipment

Balance Sheet - Credit (normal balance)

Building

Balance Sheet - Debit (normal balance)

Accumulated Depreciation, Building

Balance Sheet - Credit (normal balance)

Accounts Payable

Balance Sheet - Credit (normal balance)

Salary/Wages Payable

Balance Sheet - Credit (normal balance)

Interest Payable

Balance Sheet - Credit (normal balance)

Rent Payable

Balance Sheet - Credit (normal balance)

Insurance Payable

Balance Sheet - Credit (normal balance)

Unearned Revenue

Balance Sheet - Credit (normal balance)

(Long Term) Notes Payable

Balance Sheet - Credit (normal balance)

Taxes Payable

Balance Sheet - Credit (normal balance)

Common Stock

Balance Sheet - Credit (normal balance)

Retained Earnings

Balance Sheet - Credit (normal balance)

Dividends

Retained Earnings Statement - Debit (normal balance)

Income Summary

Neither

Sales

Income Statement - Credit (normal balance)

Sales Returns and Allowances

Income Statement - Debit (normal balance)

Sales Discounts

Income Statement - Debit (normal balance)

Interest Revenue (or Income)

Income Statement - Credit (normal balance)

Purchases

Income Statement - Debit (normal balance)

Purchase Returns & Allowances

Income Statement - Credit (normal balance)

Purchases Discounts

Income Statement - Credit (normal balance)

Freight-in Expense

Income Statement - Debit (normal balance)

Cost of Goods Sold

Income Statement - Debit (normal balance)

Rent Expense

Income Statement - Debit (normal balance)

Supplies Expense

Income Statement - Debit (normal balance)

Salary/Wages Expense

Income Statement - Debit (normal balance)

Insurance Expense

Income Statement - Debit (normal balance)

Wage Expense

Income Statement - Debit (normal balance)

Freight Out Expense

Income Statement - Debit (normal balance)

Utility Expense

Income Statement - Debit (normal balance)

Depreciation Expense, Equipment

Income Statement - Debit (normal balance)

Interest Expense

Income Statement - Debit (normal balance)

Income Tax Expense

Income Statement - Debit (normal balance)