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    Saint Louis School Fundamentals of Accountancy, Business, and Management (Fabm) 1

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    This document provides a list of common account titles used in financial statements along with their classification, whether they are permanent or temporary accounts, and their normal balance. It includes asset, liability, equity, revenue, and expense accounts that would be found on a balance sheet, statement of owner's equity, and income statement. The accounts are organized by whether they are current or non-current assets and liabilities, as well as operating, other income/expense, and owner's equity accounts.

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    Saint Louis School Fundamentals of Accountancy, Business, and Management (Fabm) 1

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    puyalesshane
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    This document provides a list of common account titles used in financial statements along with their classification, whether they are permanent or temporary accounts, and their normal balance. It includes asset, liability, equity, revenue, and expense accounts that would be found on a balance sheet, statement of owner's equity, and income statement. The accounts are organized by whether they are current or non-current assets and liabilities, as well as operating, other income/expense, and owner's equity accounts.

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    This document provides a list of common account titles used in financial statements along with their classification, whether they are permanent or temporary accounts, and their normal balance. It includes asset, liability, equity, revenue, and expense accounts that would be found on a balance sheet, statement of owner's equity, and income statement. The accounts are organized by whether they are current or non-current assets and liabilities, as well as operating, other income/expense, and owner's equity accounts.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    37 views2 pages

    Saint Louis School Fundamentals of Accountancy, Business, and Management (Fabm) 1

    Uploaded by

    puyalesshane
    This document provides a list of common account titles used in financial statements along with their classification, whether they are permanent or temporary accounts, and their normal balance. It includes asset, liability, equity, revenue, and expense accounts that would be found on a balance sheet, statement of owner's equity, and income statement. The accounts are organized by whether they are current or non-current assets and liabilities, as well as operating, other income/expense, and owner's equity accounts.

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    SAINT LOUIS SCHOOL

    FUNDAMENTALS OF ACCOUNTANCY, BUSINESS, AND MANAGEMENT (FABM) 1

    Account Title Financial Statement Classification Permanent/Temporary Normal Balance


    Accounts Receivable Balance Sheet Current Asset Permanent/Real Debit
    Prepaid Insurance Balance Sheet Current Asset Permanent/Real Debit
    Prepaid Rent Balance Sheet Current Asset Permanent/Real Debit
    Supplies Balance Sheet Current Asset Permanent/Real Debit
    Notes Receivable Balance Sheet Current Asset* Permanent/Real Debit

    Allowance for Doubtful Accounts Balance Sheet Contra Current Asset Permanent/Real Credit

    Buildings Balance Sheet Non-Current Asset Permanent/Real Debit


    Equipment Balance Sheet Non-Current Asset Permanent/Real Debit
    Land Balance Sheet Non-Current Asset Permanent/Real Debit
    Machinery Balance Sheet Non-Current Asset Permanent/Real Debit

    Accumulated Depreciation Balance Sheet Contra Plant Asset Permanent/Real Credit

    Accounts Payable Balance Sheet Current Liability Permanent/Real Credit


    Interest Payable Balance Sheet Current Liability Permanent/Real Credit
    Notes Payable Balance Sheet Current Liability* Permanent/Real Credit
    Salaries Payable Balance Sheet Current Liability Permanent/Real Credit
    Unearned Revenue Balance Sheet Current Liability Permanent/Real Credit

    Bonds Payable Balance Sheet Non-Current Liability Permanent/Real Credit


    Loans Payable Balance Sheet Non-Current Liability Permanent/Real Credit
    Mortgage Payable Balance Sheet Non-Current Liability Permanent/Real Credit

    (Owner’s Name), Capital Statement of Owner’s Equity ; Owner’s Equity Permanent/Real Credit
    Balance Sheet
    Income Summary --------------------- Owner’s Equity Temporary/Nominal -------------------
    (Owner’s Name), Drawing Statement of Owner’s Equity Owner’s Equity Temporary/Nominal Debit

    Service Revenue Income Statement Revenue Temporary/Nominal Credit


    SAINT LOUIS SCHOOL FUNDAMENTALS OF ACCOUNTANCY, BUSINESS, AND MANAGEMENT (FABM) 1

    Advertising Expense Income Statement Operating Expense Temporary/Nominal Debit


    Bad Debts Expense Income Statement Operating Expense Temporary/Nominal Debit
    Insurance Expense Income Statement Operating Expense Temporary/Nominal Debit
    Miscellaneous Expense Income Statement Operating Expense Temporary/Nominal Debit
    Rent Expense Income Statement Operating Expense Temporary/Nominal Debit
    Repairs Expense Income Statement Operating Expense Temporary/Nominal Debit
    Salary Expense Income Statement Operating Expense Temporary/Nominal Debit
    Utilities Expense Income Statement Operating Expense Temporary/Nominal Debit

    Gain on Sale of Assets Income Statement Other Income Temporary/Nominal Credit


    Interest Income Income Statement Other Income Temporary/Nominal Credit

    Interest Expense Income Statement Other Expense Temporary/Nominal Debit


    Loss on Sale of Assets Income Statement Other Expense Temporary/Nominal Debit

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