For each of the following accounts, state its normal balance (debit or credit) and its category on a company's classified financial statements as follows:
Current assets CA
Long-term investments LTI
Property, plant and equipment PPE
Intangible assets IA
Current liabilities CL
Long-term liabilities LTL
Stockholders' equity SE
Sales Sales
Cost of goods sold CGS
Selling expenses Sell Ex
Administrative expenses Adm Ex
Other revenues and gains OR
Other expenses and losses OE
Income tax expense ITE
If the account is a contra-account, place brackets around the account name. Assume the company is a retail store and has a December 31, 2012 year end.
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Account
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Normal Balance
(DR or CR)
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Financial Statement Classification
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Accounts payable
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Accounts receivable
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Accumulated depreciation
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Additional paid-in capital in excess of par -
common stock
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Additional paid-in capital in excess of par -
preferred stock
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Advertising expense
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Allowance for doubtful accounts
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Available-for-sale securities
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Bad debt expense
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Bonds payable, due 6/30/20
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Bond sinking fund
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Building
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Cash
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Cash surrender value of life insurance
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Common stock
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Copyright
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Cost of goods sold
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Depreciation expense - selling
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Depreciation expense - office
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Discount on bonds payable
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Dividend revenue
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Dividends
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Dividends payable
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Account
|
Normal Balance
(DR or CR)
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Financial Statement Classification
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Office supplies expense
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Equipment
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Franchise
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Freight in
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Freight out
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Gain on sale of equipment
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Goodwill
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Held-to-maturity securities
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Income taxes payable
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Interest expense
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Interest payable
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Interest receivable
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Interest revenue
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Inventory
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Land
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Land held for speculation
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Loss on sale of land
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Note payable, due 9/30/13
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Note payable, due 4/30/19
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Note receivable, due 6/15/13
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Office supplies
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Patents
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Preferred stock
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Premium on bonds payable
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Prepaid insurance
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Prepaid rent
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Purchases
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Purchase discounts
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Purchase returns and allowances
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Rent expense
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Rent revenue
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Retained earnings
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Salaries and wages expense - officers
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Salaries and wages expense - office
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Salaries and wages payable
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Sales commissions expense
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Sales revenue
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Sales returns and allowances
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Sales discounts
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Trading securities
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Trademark
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Treasury stock
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Unearned sales revenue
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Utilities expense
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Wages expense
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Wages payable
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