Check Up 2

The Accounting Definition

Asset = Liability + Equity + Revenue/Gain - Expenses/Loss

Asset

Debit + ; Credit -

Liability

Debit - ; Credit +

Equity

Debit - ; Credit +

Revenue / Gain

Debit - ; Credit +

Expense/Loss

Debit + ; Credit -

Contra-asset

Debit - ; Credit +

Contra-liability

Debit + ; Credit -

Contra-equity

Debit + ; Credit -

Cash

Asset

Accounts Receivable

Asset

Inventory

Asset

Prepaid Expenses

Asset

ROU Asset

Asset

Property & Equipment

Asset

Intangibles

Asset

Accounts Payable

Liability

Accrued Expenses

Liability

Deferred Revenue

Liability

Note Payable

Liability

Operating Lease Payable

Liability

Bond Payable

Liability

Premium on Bond Payable

Liability

Common Stock

Equity

APIC

Equity

Retained Earnings

Equity

Sales Revenue

Revenue/Gain

Service Revenue

Revenue/Gain

Cost of Goods Sold

Expense/Loss

Cost of Services sold

Expense/Loss

SG&A Expenses

Expense/Loss

Depreciation Expense

Expense/Loss

Amortization Expense

Expense/Loss

Start-up Costs

Expense/Loss

Interest Expense

Expense/Loss

Income Tax Expense

Expense/Loss

ADA

Contra-Asset

Accumulated Depreciation

Contra-Asset

Discount on Bond Payable

Contra-Liability

Treasury Stock

Contra-Equity

Pension Asset

Asset

Pension Liability

Liability

AOCI (Gain)

Equity

Pension Service Cost

Expense/ Loss

Other Net Periodic Pension Cost (ONPPC)

Expense/Loss

AOCI (PSC and Loss)

Contra-Equity

If PBO > Fair value of plan assets

Pension Liability

If PBO < Fair value of plan assets

Pension Asset

Accounts Receivable

Asset

Bad Debt expense

Expense/Loss

ADA

Contra-Asset

Prepaid Rent

Asset

Rent Expense

Expense/Loss

Executory Costs

Expense/Loss

ROU Asset

Asset

Prepaid Executory Costs

Asset

Operating Lease Payable

Liability

Lease Expense

Expense/Loss

Executory Costs

Expense/Loss

ROU Asset

Asset

Prepaid Executory Costs

Asset

Finance Lease Payable

Liability

Interest Payable

Liability

Amortization Expense

Expense/Loss

Interest Expense

Expense/Loss

Executory Costs

Expense/Loss

Investment in Available-for-Sale Debit Security

Asset

AOCI (Unrealized Gain)

Equity

Interest Income

Revenue/Gain

Gain on Sale

Revenue/Gain

Loss on Sale

Expense/Loss

AOCI (Unrealized Loss)

Contra-Equity

Investment in Marketable Equity Security

Asset

Dividend Income

Revenue/Gain

Unrealized Gain

Revenue/Gain

Gain on Sale

Revenue/Gain

Unrealized Loss

Expense/Loss

Loss on Sale

Expense/Loss

Inventory

Asset

Cost of Good Sold

Expense/Loss

Loss on Inventory

Expense/Loss

Warranty Liability

Liability

Warranty Expense

Expense/Loss

Deferred Income Tax

Asset

Income Tax Payable

Liability

Deferred Income Tax

Liability

AOCI- DIT (Benefit)

Equity

Income Tax Expense

Expense/Loss

AOCI- DIT (Expense)

Contra-Equity

Taxable income on tax return > Income before tax on income statment

Deferred Income Tax Asset

Taxable income on tax return < Income before tax on income statmenstatement

1. Deferred Income Tax Liability

Contingent Liability

Liability

Contingent Loss

Expense/Loss

Excess CIP over Billings

Asset

Materials

Asset

Excess Billings over CIP

Liability

Construction Revenue

Revenue/Gain

Construction Expense

Expense/Loss

Bond Payable

Liability

Premium on Bond Payable

Liability