Give what is required, For the Classification: (Classify the account if it is current/noncurrent asset; current/non-current liabilities; equity; revenue or expense); For the normal balance (answer whether the normal balance is a debit or credit) For the presentation (Classify whether a balance sheet or an income statement account). ACCOUNT CLASSIFICATION NORMAL BALANCE PRESENTATION OWNER’S DRAWING PETTY CASH FUND ACCOUNTS RECEIVABLE NOTES RECEIVABLE (6 MOS.) NOTES PAYABLE (2 YEARS) INTEREST EXPENSE BONDS PAYABLE UNEARNED INCOME ACCRUED EXPENSE PREPAID EXPENSE SUPPLIES COST OF GOOD SOLDS MERCHANDISE INVENTORY, END MERCHANDISE INVENTORY, BEG PATENT GOODWILL ADVANCES FROM CUSTOMERS ADVANCES TO SUPPLIERS SERVICE REVENUE DUE FROM CUSTOMERS
Give what is required, For the Classification: (Classify the account if it is current/noncurrent asset; current/non-current liabilities; equity; revenue or expense); For the normal balance (answer whether the normal balance is a debit or credit) For the presentation (Classify whether a balance sheet or an income statement account).
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ACCOUNT |
CLASSIFICATION |
NORMAL BALANCE |
PRESENTATION |
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OWNER’S DRAWING |
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PETTY CASH FUND |
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ACCOUNTS RECEIVABLE |
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NOTES RECEIVABLE (6 MOS.) |
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NOTES PAYABLE (2 YEARS) |
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INTEREST EXPENSE |
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BONDS PAYABLE |
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UNEARNED INCOME |
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ACCRUED EXPENSE |
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PREPAID EXPENSE |
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SUPPLIES |
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COST OF GOOD SOLDS |
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MERCHANDISE INVENTORY, END |
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MERCHANDISE INVENTORY, BEG |
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PATENT |
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ADVANCES FROM CUSTOMERS |
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ADVANCES TO SUPPLIERS |
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SERVICE REVENUE |
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DUE FROM CUSTOMERS |
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