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    Account Titles

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    IC Sevillano
    The document lists 5 categories of accounts - assets, expenses, liabilities, equity, and revenue. It provides examples of account titles within each category and their normal debit or credit balance. Assets and expenses normally have a debit balance, while liabilities, equity, and revenue normally have a credit balance. However, some "contra" accounts may have a different normal balance than typically expected for their category.

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    © All Rights Reserved
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    Account Titles

    Uploaded by

    IC Sevillano
    41 views2 pages
    The document lists 5 categories of accounts - assets, expenses, liabilities, equity, and revenue. It provides examples of account titles within each category and their normal debit or credit balance. Assets and expenses normally have a debit balance, while liabilities, equity, and revenue normally have a credit balance. However, some "contra" accounts may have a different normal balance than typically expected for their category.

    Original Description:

    list of basic account titles

    Original Title

    ACCOUNT TITLES

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    The document lists 5 categories of accounts - assets, expenses, liabilities, equity, and revenue. It provides examples of account titles within each category and their normal debit or credit balance. Assets and expenses normally have a debit balance, while liabilities, equity, and revenue normally have a credit balance. However, some "contra" accounts may have a different normal balance than typically expected for their category.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    41 views2 pages

    Account Titles

    Uploaded by

    IC Sevillano
    The document lists 5 categories of accounts - assets, expenses, liabilities, equity, and revenue. It provides examples of account titles within each category and their normal debit or credit balance. Assets and expenses normally have a debit balance, while liabilities, equity, and revenue normally have a credit balance. However, some "contra" accounts may have a different normal balance than typically expected for their category.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    ACCOUNT TITLES ACCOUNT TITLES’ Type of Accounts and Normal

    Balance
    5 ACCOUNT CATEGORIES: ACCOUNT TYPE OF NORMAL
    TITLE ACCOUNT BALANCE
     Assets Cash Current Asset
     Expenses Accounts Current Asset
     Liabilities Receivable
     Equity Notes Receivable Current Asset
     Revenue (or Income) Advance to Current Asset
    Employees
    NORMAL BALANCE OF ACCOUNT Inventories Current Asset
    CATEGORIES: Prepaid Expenses Current Asset
    Prepaid Supplies Current Asset
    ACCOUNT NORMAL Accrued Income Current Asset
    BALANCE Property, Plant, and Non-Current Asset
    Equipment (PPE)
    ASSETS DEBIT
    Furniture and Non-Current Asset
    EXPENSES DEBIT Fixtures
    LIABILITIES CREDIT Accumulated Non-Current Asset
    EQUITY CREDIT Depreciation
    REVENUE CREDIT Intangibles Non-Current Asset
    Marketable
    Securities
    The above table have exceptions. Certain accounts Allowance for
    especially “Contra” accounts have a different Normal Doubtful Accounts
    Petty Cash Fund
    Balance than what is shown above. These accounts may be Accounts Payable
    listed on the above shown Account Types but have a Notes Payable
    different Normal Balance. (Short term)
    Accrued Expenses
    Unearned Income
    Notes Payable
    (Long-term)
    Mortgage Payable
    Bonds Payable
    Owner’s
    Equity/Capital
    Drawings
    Service Income
    Professional Income
    Rental Income
    Interest Income
    Miscellaneous
    Income
    Supplies Expense
    Rent Expense
    Repairs and
    Maintenance
    Salaries and
    Expense
    Uncollectible
    Accounts
    Depreciation
    Expense
    Taxes and Licenses
    Insurance Expense
    Utilities Expense
    Interest Expense
    Miscellaneous
    Expense
    Gas and Oil

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