CHART OF ACCOUNTS Stockholders’ Assets Liabilities Equity Revenues Expenses Cash Notes Payable Common Siock | Service Revenue | Administrative Expenses fet (eseioks Fayette) || rats Costal el | poeee peered Receivable Excess of Par’ Amortization Uneamed Service | Value Common | Sales Discounts Expense Allene for cee Stock Doubtful Sales Returns and Bad Debt Expense Accounts Salaries aed Preferred Stock ‘Allowances ‘Wares Payable Cost of Goods Sold Interest Paid-in Capita in} Interest Revenue Receivable Interest Payable Exess of Par Depreciation ValiePreferred | Gain on Disposal | Expense ieee Dinideors erable || Stock of Plant Assets Freight-Out ‘Supplies Income Taxes ‘Treasury Stock Payable Income Tax Prepaid Insurance Retained Earnings Expense Bonds Payable Prepaid Rent Dividends Insurance Expense Discount on Bonds Land Payable Income Summary Interest Expense ‘Equipment Premium on Bonds Loss on Disposal of Payable lant Assets feeee tel Depreciation | Mortgage Payable Maintenance and Equipment Repairs Expense Buildings Rent Expense peered Salaries and Wages Depreciation— Expense Buildings ‘Selling Expenses. Copyrights ‘Supplies Expense Goodwil Utilities Expense Patentsik te aie ‘Normal Account Title Classification Financial Statement __| Balance ry ‘Accounts Payable (Current Liabiliy Balance Sheet Credit ‘Accounts Receivable Current Asset ‘Balanc» Sheet Debit ‘Accumulated Depreciation—Buildings | Plant Asset—Contra Balance Sheet Credit ‘Accumulated Depreciation —Equipment| Pant Asset Contra Balance Shot Credit ‘Administrative Expenses ‘Operating Expense. ‘Income Statement Debit ‘Allowance for Doubitul Accounts ‘Current Asset—Contra Balance Sheet Credit ‘Amortization Expense ‘Operating Expense Income Staioment Debit B Bad Debt Expense ‘Operating Expense ‘Income Statement Debit Bonds Payable Long-Term Liability Balance Sheet Credit Buildings Plant Asset Balance Shect Debit c Cash Current Aset Balance Sheet Debit Common Siock ‘Stockholders’ Equity Balance Sheet Credit Copyrights Trtangible Asset Balance Shoot Debit Cast of Goods Sold (Cost of Goods Sold Income Staioment Debit D Debi Investments ‘Current Asseu Balance Shoot Debit ‘Long-Term Investment Depreciation Expense ‘Operating Expense Income Staiement Debit Discount on Bonds Payable Long-Term Liability Contra | Balance Sheet Debit Dividend Revenue ‘ther Income Tncome Stalement Credit Dividends “Temporary account dosed | Retained Earnings Debit to Retained Barings Statement Dividends Payable Current Liability ‘Balance Sheet Credit E ‘Equipment Plant ASSL Balance Sheot Debit FE FreightOut Operating Expense Income Staiement Debit e ‘Gain on Disposal of Plan AwaIs ‘Giher Income Tncome Stalement Credit Goodwill Intangible Asset Balance Sheet Debit if Ticome Suminary "Temporary account closed] Not Applicable w to Retained Earnings Income Tax Expense Income Tax Expense Income Statement Debit Ticome Tapes Payable ‘Current Liability Balanice Shect Credit Insurance Expense Operating Expense Income Stalement Debit Interest Expense (Other Expense Income Staiement Debit Tnierest Payable Current Liability Balance Sheot Credit Tniorest Receivable ‘Current Asset Balanes Shoot Debit Inierest Revenue ‘Other Income Income Statement Credit Inventory Current Asset Balance Sheet (2) DebitNormal Account Title Classification Financial Statement Balance L Tad Pant as Tales Ses Dab Ls on Disp of Pani esas Other pens Income Semon Debit M ‘Maintenance and Repairs Expense Operating Expense Income Statement Debit Mergage Payable LongTer Labi Balance Shes Ge N Totes Fable Sarat CEI? ane Sh oni Lone Term Latliy P Patents Tntangible seat lance See Debi Paid-in Capital in Excess of Par ‘Stockholders’ Equity Balance Sheet Credit Valio™ Common Stack Pailin Capital in Excess of Par] Sooo aay Talanis Sst oa Valu Drstered Sock Prefered Sock Siocon Bey Talance See Cat Praia on ons PaBIe Long Ter Labonte [ lance Sheet Grit Prepaid Insurance urtent Ast Balance Sheet Dsbi Prepaid Rent Gurren Ast Balanve Shot Debit z Rent Expense Operating Expense Income Statement Debit Reted Eas Stoctolden Eait7 Talance Sheet and REGInGE GGT Earnings Statement 5 Saiyies and Wass Expanse Sper Epes Tac Sa ra Salvies and Wages Payable Curent Lily Tales Sse] crit Sais Dicouni Revene—Conta Income Salement Debit abe ecsounacl Kien Fonnaos Cini iorams Snes obi Saks Reve Reverie Income Statement Crit Selig Expense Operating EXPER Income Satement Debit Service Revenue Revenue Income Staiement Credit Stock investrents Curent Asettoneerm Tastee Shoot Debit Supplies Current Asset Balance Sheet Debit Supplies Ee Operating Epes Tacone Siemon Debi T Teasu Stock Siocon Easy Tans Ses Debi u acamod Serie Revense Corea abi Balanes Sea Cea Utilities Expense Operating Expense Income Statement Debit (1) The normal balance for Income Summary wil be credit whes there isa net income, debit wien there isa net loss. The Income ‘Summary account does not appear cn any financial stalement ei Periodic system is used, Inventory also appears on the income statement inthe calculation of cost of goods sold