Title | Account Title Classification Financial Statement Normal Balance |
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Author | Hudas Fatkhan |
Pages | 9 |
File Size | 112.4 KB |
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Selected List of Accounts Kimmel, Weygandt, Kieso, Trenholm, Irvine Financial Accounting: Tools for Business Decision-Making, Fifth Canadian Edition The following is a sample of account titles. It does not represent a comprehensive chart of all the accounts used in the textbook but rather those acco...
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Selected List of Accounts Kimmel, Weygandt, Kieso, Trenholm, Irvine Financial Accounting: Tools for Business Decision-Making, Fifth Canadian Edition The following is a sample of account titles. It does not represent a comprehensive chart of all the accounts used in the textbook but rather those accounts that are commonly used. This sample chart of accounts is for a company that generates both service revenue as well as sales revenue. It uses a perpetual inventory system. Accounts used in a periodic inventory system follow at the end of this chart of accounts.
ACCOUNT CLASSIFICATION AND PRESENTATION Account Title
Classification
Financial Statement
Normal Balance
A Accounts Payable
Current Liabilities
Statement of Financial Position
Credit
Accounts Receivable
Current Assets
Statement of Financial Position
Debit
Accumulated Amortization
Ingangible Assets and Goodwill
Statement of Financial Position
Credit (contra asset account)
Accumulated Depreciation
Property, Plant, and Equipment
Statement of Financial Position
Credit (contra asset account)
Accumulated Other Comprehensive Income (Loss)
Shareholders' Equity
Statement of Changes in Equity; Statement of Financial Position
Credit (if income) or Debit (if loss)
Allowance for Doubtful Accounts
Current Assets
Statement of Financial Position
Credit (contra asset account)
Allowance for Doubtful Notes
Current Assets
Statement of Financial Position
Credit (contra asset account)
Amortization Expense
Operating Expenses
Income Statement
Debit
B Bad Debts Expense
Operating Expenses
Income Statement
Debit
Bank Charges Expense
Operating Expenses
Income Statement
Debit
Selected List of Accounts
Kimmel 5e
Page 1 of 8
ACCOUNT CLASSIFICATION AND PRESENTATION Account Title
Classification
Financial Statement
Normal Balance
Bank Loan Payable
Current or Non-Current Liabilities
Statement of Financial Position
Credit
Bonds Payable
Non-Current Liabilities
Statement of Financial Position
Credit
Buildings
Property, Plant, and Equipment
Statement of Financial Position
Debit
C Cash
Current Assets
Statement of Financial Position
Debit
Common Shares
Shareholders' Equity (Share Capital)
Statement of Changes in Equity; Statement of Financial Position
Credit
Contributed Capital─Reacquisition of Shares
Shareholders' Equity (Additional Contributed Capital)
Statement of Changes in Equity; Statement of Financial Position
Credit
Copyrights
Intangible Assets and Goodwill
Statement of Financial Position
Debit
Cost of Goods Sold
Cost of Goods Sold
Income Statement
Debit
CPP Payable
Current Liabilities
Statement of Financial Position
Credit
Credit Card Expense
Operating Expenses
Income Statement
Debit
Credit Card Receivables
Current Assets
Statement of Financial Position
Debit
D Debit Card Expense
Operating Expenses
Income Statement
Debit
Depreciation Expense
Operating Expenses
Income Statement
Debit
Development Costs
Intangible Assets and Goodwill
Statement of Financial Position
Debit
Development Expense
Operating Expenses
Income Statement
Debit
Selected List of Accounts
Kimmel 5e
Page 2 of 8
ACCOUNT CLASSIFICATION AND PRESENTATION Account Title
Classification
Financial Statement
Normal Balance
Dividends
Shareholders' Equity (deduction from Retained Earnings)
Statement of Changes in Equity (Statement of Retained Earnings─ ASPE)
Debit
Dividends Payable
Current Liabilities
Statement of Financial Position
Credit
Dividend Revenue
Other Revenues and Gains
Income Statement
Credit
E EI Payable
Current Liabilities
Statement of Financial Position
Credit
Employee Benefits Expense
Operating Expenses
Income Statement
Debit
Equipment
Property, Plant, and Equipment
Statement of Financial Position
Debit
F Fees Earned
Revenue
Income Statement
Credit
Freight Out
Operating Expenses
Income Statement
Debit
Franchise
Intangible Assets and Goodwill
Statement of Financial Position
Debit
G Gain on Disposal (e.g., property, plant, and equipment)
Other Revenues and Gains
Income Statement
Credit
Goodwill
Intangible Assets and Goodwill
Statement of Financial Position
Debit
Income Statement
Debit
I Impairment Loss
Selected List of Accounts
Operating Expenses
Kimmel 5e
Page 3 of 8
ACCOUNT CLASSIFICATION AND PRESENTATION Account Title
Classification
Financial Statement
Normal Balance
Income Summary
Temporary account closed to Retained Not Applicable Earnings
Credit (if profit) or Debit (if loss)
Income Tax Expense
Income Tax Expense
Income Statement
Debit
Income Tax Payable
Current Liabilities
Statement of Financial Position
Credit
Insurance Expense
Operating Expenses
Income Statement
Debit
Interest Expense
Operating Expenses
Income Statement
Debit
Interest Payable
Current Liabilities
Statement of Financial Position
Credit
Interest Receivable
Current Assets
Statement of Financial Position
Debit
Interest Revenue
Other Revenues and Gains
Income Statement
Credit
Investment in Associates
Investments
Statement of Financial Position
Debit
L Land
Property, Plant, and Equipment
Statement of Financial Position
Debit
Land Improvements
Property, Plant, and Equipment
Statement of Financial Position
Debit
Long-Term Investments
Investments
Statement of Financial Position
Debit
Loss on Disposal (e.g., property, plant, and equipment)
Operating Expenses
Income Statement
Debit
M Merchandise Inventory
Current Assets
Statement of Financial Position
Debit
Mortgage Payable
Non-Current Liabilities
Statement of Financial Position
Credit
Selected List of Accounts
Kimmel 5e
Page 4 of 8
ACCOUNT CLASSIFICATION AND PRESENTATION Account Title
Classification
Financial Statement
Normal Balance
N Notes Payable
Current or Non-Current Liabilities
Statement of Financial Position
Credit
Notes Receivable
Current or Non-Current Assets
Statement of Financial Position
Debit
O Office Expense
Operating Expenses
Income Statement
Debit
Other Comprehensive Income (Loss) (e.g., revaluation of property, plant, and equipment)
Other Comprehensive Income (Loss)
Statement of Comprehensive Income; Statement of Changes in Equity
Credit (if income) or Debit (if loss)
P Patents
Intangible Assets and Goodwill
Statement of Financial Position
Debit
Preferred Shares
Shareholders' Equity (Share Capital)
Statement of Changes in Equity; Statement of Financial Position
Credit
Prepaid Expenses (e.g., property tax, insurance, rent)
Current Assets
Statement of Financial Position
Debit
Professional Fees Expense
Operating Expenses
Income Statement
Debit
Property Tax Expense
Operating Expenses
Income Statement
Debit
Property Tax Payable
Current Liabilities
Statement of Financial Position
Credit
Realized Gain (e.g., trading investments) Other Revenues and Gains
Income Statement
Credit
Realized Loss (e.g, trading investments) Other Expenses and Losses
Income Statement
Debit
R
Selected List of Accounts
Kimmel 5e
Page 5 of 8
ACCOUNT CLASSIFICATION AND PRESENTATION Account Title
Classification
Financial Statement
Normal Balance
Rent Expense
Operating Expenses
Income Statement
Debit
Rent Payable
Current Liabilities
Statement of Financial Position
Credit
Rent Revenue
Other Revenues and Gains
Income Statement
Credit
Repairs and Maintenance Expense
Operating Expenses
Income Statement
Debit
Research Expense
Operating Expenses
Income Statement
Debit
Retained Earnings (Deficit)
Shareholders' Equity (Retained Earnings)
Statement of Changes in Equity; Statement of Financial Position
Credit (if retained earnings) or Debit (if deficit)
Income Statement
Credit
Revenue from Investment in Associates Other Revenues and Gains
S Salaries Expense
Operating Expenses
Income Statement
Debit
Salaries Payable
Current Liabilities
Statement of Financial Position
Credit
Sales
Revenue
Income Statement
Credit
Sales Discounts
Revenue
Income Statement
Debit (contra revenue account)
Sales Returns and Allowances
Revenue
Income Statement
Debit (contra revenue account)
Sales Tax Payable
Current Liabilities
Statement of Financial Position
Credit
Service Revenue
Revenue
Income Statement
Credit
Stock Dividends
Shareholders' Equity (deduction from Retained Earnings)
Statement of Changes in Equity (Statement of Retained Earnings─ ASPE)
Debit
Selected List of Accounts
Kimmel 5e
Page 6 of 8
ACCOUNT CLASSIFICATION AND PRESENTATION Account Title
Classification
Financial Statement
Normal Balance
Stock Dividends Distributable
Shareholders' Equity (Share Capital)
Statement of Changes in Equity; Statement of Financial Position
Credit
Supplies
Current Assets
Statement of Financial Position
Debit
Supplies Expense
Operating Expenses
Income Statement
Debit
T Telephone Expense
Operating Expenses
Income Statement
Debit
Trademark
Intangible Assets and Goodwill
Statement of Financial Position
Debit
Trading Investments
Current Assets
Statement of Financial Position
Debit
Travel Expense
Operating Expenses
Income Statement
Debit
U Unearned Revenue
Current Liabilities
Statement of Financial Position
Credit
Union Dues Payable
Current Liabilities
Statement of Financial Position
Credit
Unrealized Gain (e.g., trading investments under fair value model)
Other Revenues and Gains
Income Statement
Credit
Unrealized Loss (e.g., trading investments under fair value model)
Other Expenses and Losses
Income Statement
Debit
Utilities Expense
Operating Expenses
Income Statement
Debit
Statement of Financial Position
Debit
V Vehicles
Selected List of Accounts
Property, Plant, and Equipment
Kimmel 5e
Page 7 of 8
ACCOUNT CLASSIFICATION AND PRESENTATION Account Title
Classification
Financial Statement
Normal Balance
PERIODIC INVENTORY SYSTEM Freight In
Cost of Goods Sold
Income Statement
Debit
Purchase Discounts
Cost of Goods Sold
Income Statement
Credit
Purchase Returns and Allowances
Cost of Goods Sold
Income Statement
Credit
Purchases
Cost of Goods Sold
Income Statement
Debit
If a periodic inventory system is used, the above four accounts would be needed to record inventory purchases.
Selected List of Accounts
Kimmel 5e
Page 8 of 8...