Accounting credit/debit classifications

Answer ID 2815 |

Document ID 34781 |

Published 01/10/2012 10:12 PM |

Updated 11/11/2015 05:12 AM

The following table shows accounting credit/debit classification, whether they are permanent or
temporary, and the financial statement on which each item should be reported.
Normal
Account Title
Financial Statement
Classification
Type
Balance
Accounts Receivable
Balance Sheet
Current Assets
Permanent
Debit
Cash
Balance Sheet
Current Assets
Permanent
Debit
Merchandise Inventory
Balance Sheet
Current Assets
Permanent
Debit
Notes Receivable
Balance Sheet
Current Assets
Permanent
Debit
Petty Cash
Balance Sheet
Current Assets
Permanent
Debit
Prepaid Insurance
Balance Sheet
Current Assets
Permanent
Debit
Prepaid Rent
Balance Sheet
Current Assets
Permanent
Debit
Stock Subscriptions
Balance Sheet
Current Assets
Permanent
Debit
Receivable
Supplies
Balance Sheet
Current Assets
Permanent
Debit
Allowance for Doubtful
Accounts

Balance Sheet

Contra Current Asset Permanent

Credit

Buildings
Equipment
Land
Land Improvements
Machinery

Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet

Plant Asset
Plant Asset
Plant Asset
Plant Asset
Plant Asset

Permanent
Permanent
Permanent
Permanent
Permanent

Debit
Debit
Debit
Debit
Debit

Accumulated Depreciation

Balance Sheet

Contra Plant Asset

Permanent

Credit

Copyrights
Goodwill
Organization Costs
Patents

Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet

Intangible Asset
Intangible Asset
Intangible Asset
Intangible Asset

Permanent
Permanent
Permanent
Permanent

Debit
Debit
Debit
Debit

Accounts Payable
Dividends Payable
Federal Income Tax Payable
FICA Tax Payable - HIP
FICA Tax Payable - OASDI
FUTA Tax Payable
Interest Payable
Notes Payable
Salaries Payable
Sales Tax Payable

Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet

Current Liability
Current Liability
Current Liability
Current Liability
Current Liability
Current Liability
Current Liability
Current Liability
Current Liability
Current Liability

Permanent
Permanent
Permanent
Permanent
Permanent
Permanent
Permanent
Permanent
Permanent
Permanent

Credit
Credit
Credit
Credit
Credit
Credit
Credit
Credit
Credit
Credit

SUTA Tax Payable

Unearned Revenue

Balance Sheet
Balance Sheet

Current Liability
Current Liability

Permanent
Permanent

Credit
Credit

Bonds Payable
Mortgage Note Payable
Premium on Bonds Payable

Balance Sheet
Balance Sheet
Balance Sheet

Long-Term Liability
Long-Term Liability
Long-Term Liability

Permanent
Permanent
Permanent

Credit
Credit
Credit

Discount on Bonds Payable

Balance Sheet

Contra Long-Term
Liability

Permanent

Debit

Statement of Owner's
Equity

Owners Equity

Permanent

Credit

Balance Sheet
Balance Sheet

Stockholders Equity Permanent

Stockholders Equity Permanent

Credit
Credit

Balance Sheet
Balance Sheet

Stockholders Equity Permanent

Stockholders Equity Permanent

Credit
Credit

Balance Sheet

Stockholders Equity Permanent

Credit

Balance Sheet

Stockholders Equity Permanent

Credit

Balance Sheet
Ret. Earnings Stmt;
Balance Sheet

Stockholders Equity Permanent

Stockholders Equity Permanent

Credit
Credit

Stock Dividends Distributable

Balance Sheet

Stockholders Equity Permanent

Credit

Treasury Stock

Balance Sheet

Contra Stockholders' Permanent

Equity

Debit

Cash Dividends

Retained Earnings
Statement
Retained Earnings
Statement

Contra Stockholders' Temporary

Equity
Contra Stockholders' Temporary
Equity

Debit

(Owner's Name), Capital

Common Stock
Common Stock Dividends
Distributable
Common Stock Subscribed
Paid-In Capital from treasury
Stock
Paid-In Capital in excess of
Par - common
Paid-In Capital in excess of
Par - preferred
Preferred Stock
Retained Earnings

Stock Dividends

Income Summary
(Owner's Name), Drawing

Fees Earned
Sales
Service Revenue

Debit

-------Statement of Owner's
Equity

Owner's Equity
Owner's Equity

Temporary
Temporary

----Debit

Income Statement
Income Statement
Income Statement

Revenue
Revenue
Revenue

Temporary
Temporary
Temporary

Credit
Credit
Credit

Sales Discounts
Sales Returns and Allowances

Income Statement
Income Statement

Contra Revenue
Contra Revenue

Temporary
Temporary

Debit
Debit

Freight In
Purchases

Income Statement
Income Statement

Cost of Goods Sold Temporary

Cost of Goods Sold Temporary

Debit
Debit

Purchases Discounts
Purchases Returns and
Allowances

Income Statement
Income Statement

Contra Purchases
Contra Purchases

Temporary
Temporary

Credit
Credit

Advertising Expense
Bad Debt Expense
Depletion Expense
Insurance Expense
Miscellaneous Expense
Payroll Expense
Rent Expense
Repairs Expense
Salaries Expense
Utilities Expense

Income Statement
Income Statement
Income Statement
Income Statement
Income Statement
Income Statement
Income Statement
Income Statement
Income Statement
Income Statement

Operating Expense
Operating Expense
Operating Expense
Operating Expense
Operating Expense
Operating Expense
Operating Expense
Operating Expense
Operating Expense
Operating Expense

Temporary
Temporary
Temporary
Temporary
Temporary
Temporary
Temporary
Temporary
Temporary
Temporary

Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit

Inventory Short and Over

(Over)
Cash Short and Over (Over)
Gain and Realization

Income Statement

Other Income

Temporary

Credit

Income Statement
Income Statement

Other Income
Other Income

Temporary
Temporary

Credit
Credit

Gain and Disposal of Assets

Income Statement

Other Income