Accounting

Exam 1 Jeopardry Account Classifications

Cash

Current Asset, Balance Sheet, Debit

Interest Expense

Other (Expense), Income Statement, Debit

Patent

Intangible Asset, Balance Sheet, Debit

Sales Revenue

Revenue, Income Statement, Credit

Common Stock

Shareholder’s Equity, Balance Sheet, Credit

Rent Expense

Operating Expense, Income Statement, Debit

Supplies

Current Asset, Balance Sheet, Debit

Mortgage Payable

Long-Term Liability, Balance Sheet, Credit

Cost of Goods Sold

Expense, Income Statement, Debit

Land

PPE, Balance Sheet, Debit

Notes Payable

Current OR Long-Term Liability, Balance Sheet, Credit

Interest Receivable

Current Asset, Balance Sheet, Debit

Dividend Revenue

Other (Revenue), Income Statement, Credit

Equipment

PPE, Balance Sheet, Debit

Retained Earnings (R/E)

Shareholder’s Equity, Balance Sheet, Credit

Depreciation Expense

Operating Expense, Income Statement, Debit

Dividends

Temporary Account (Closed to R/E), Statement of Shareholder’s Equity, Debit

Unearned Service Revenue

Current Liability, Balance Sheet, Credit

Land (not currently being used)

Long-Term Investment, Balance Sheet, Debit

Accumulated Depreciation

Contra Asset, Balance Sheet, Credit

Prepaid Insurance

Current Asset, Balance Sheet, Debit

Accounts Receivable

Current Asset, Balance Sheet, Debit

Copyright

Intangible Asset, Balance Sheet, Debit

Income Taxes Payable

Current Liability, Balance Sheet, Credit

Service Revenue

Revenue, Income Statement, Credit

Accounting Equation

Assets = Liabilities + Stockholder’s Equity

Income Statement Format

Revenues - Expenses = Net Income

Retained Earnings Equation

Beginning + Net Income - Dividends = Ending

Statement of Cash Flows Format

Operating, Investing, & Financing

Trial Balance Format

Assets, Liabilities, Stockholders’ Equity, Revenue, & Expenses

Financial Statements in order

I/S, Statement of S/E (R/E), Balance Sheet, Statement of C/F

Balance Sheet

Statement for a specific date in time as opposed to a range

Property, Plant, & Equipment (PPE)

Accumulated Depreciation category on the B/S

Allowence for Uncollectible Accounts

Contra-Asset; Balance sheet; Credit

Bad Debt Expense

Expense; Income Statement; Debit