ACC 301, Sections 010 and 011Account Balance and Financial Statement Classification ExerciseSummer...

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ACC 301, Sections 010 and 011Account Balance and Financial Statement Classification ExerciseSummer 2013For 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 CALong-term investments LTIProperty, plant and equipment PPEIntangible assets IACurrent liabilities CLLong-term liabilities LTLStockholders’ equity SESales SalesCost of goods sold CGSSelling expenses Sell ExAdministrative expenses Adm ExOther revenues and gains OROther expenses and losses OEIncome tax expense ITEIf 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. 	 		 			Account 			Normal Balance (DR or CR) 			Financial Statement Classification 		 		 			Accounts payable 			 			 		 		 			Accounts receivable 			 			 		 		 			Accumulated depreciation 			 			 		 		 			Additional paid-in capital in excess of par –common stock 			 			 		 		 			Additional paid-in capital in excess of par –preferred stock 			 			 		 		 			Advertising expense 			 			 		 		 			Allowance for doubtful accounts 			 			 		 		 			Available-for-sale securities 			 			 		 		 			Bad debt expense 			 			 		 		 			Bonds payable, due 6/30/20 			 			 		 		 			Bond sinking fund 			 			 		 		 			Building 			 			 		 		 			Cash 			 			 		 		 			Cash surrender value of life insurance 			 			 		 		 			Common stock 			 			 		 		 			Copyright 			 			 		 		 			Cost of goods sold 			 			 		 		 			Depreciation expense - selling 			 			 		 		 			Depreciation expense - office 			 			 		 		 			Discount on bonds payable 			 			 		 		 			Dividend revenue 			 			 		 		 			Dividends 			 			 		 		 			Dividends payable 			 			 		 	     	 		 			Account 			Normal Balance(DR or CR) 			Financial Statement Classification 		 		 			Office supplies expense 			 			 		 		 			Equipment 			 			 		 		 			Franchise 			 			 		 		 			Freight in 			 			 		 		 			Freight out 			 			 		 		 			Gain on sale of equipment 			 			 		 		 			Goodwill 			 			 		 		 			Held-to-maturity securities 			 			 		 		 			Income taxes payable 			 			 		 		 			Interest expense 			 			 		 		 			Interest payable 			 			 		 		 			Interest receivable 			 			 		 		 			Interest revenue 			 			 		 		 			Inventory 			 			 		 		 			Land 			 			 		 		 			Land held for speculation 			 			 		 		 			Loss on sale of land 			 			 		 		 			Note payable, due 9/30/13 			 			 		 		 			Note payable, due 4/30/19 			 			 		 		 			Note receivable, due 6/15/13 			 			 		 		 			Office supplies 			 			 		 		 			Patents 			 			 		 		 			Preferred stock 			 			 		 		 			Premium on bonds payable 			 			 		 		 			Prepaid insurance 			 			 		 		 			Prepaid rent 			 			 		 		 			Purchases 			 			 		 		 			Purchase discounts 			 			 		 		 			Purchase returns and allowances 			 			 		 		 			Rent expense 			 			 		 		 			Rent revenue 			 			 		 		 			Retained earnings 			 			 		 		 			Salaries and wages expense - officers 			 			 		 		 			Salaries and wages expense - office 			 			 		 		 			Salaries and wages payable 			 			 		 		 			Sales commissions expense 			 			 		 		 			Sales revenue 			 			 		 		 			Sales returns and allowances 			 			 		 		 			Sales discounts 			 			 		 		 			Trading securities 			 			 		 		 			Trademark 			 			 		 		 			Treasury stock 			 			 		 		 			Unearned sales revenue 			 			 		 		 			Utilities expense 			 			 		 		 			Wages expense 			 			 		 		 			Wages payable

David · Accepted Answer

ACC 301, Sections 005 and 006
ACC 301, Sections 010 and 011
Account Balance and Financial Statement Classification Exercise
Summer 2013
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.

ACC 301, Sections 010 and 011 Account Balance and Financial Statement Classification Exercise Summer 2013 For each of the following accounts, state its normal balance (debit or credit) and its...

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Account	Normal Balance (DR or CR)	Financial Statement Classification
Accounts payable
Accounts receivable
Accumulated depreciation
Additional paid-in capital in excess of par – common stock
Additional paid-in capital in excess of par – preferred stock
Advertising expense
Allowance for doubtful accounts
Available-for-sale securities
Bad debt expense
Bonds payable, due 6/30/20
Bond sinking fund
Building
Cash
Cash surrender value of life insurance
Common stock
Copyright
Cost of goods sold
Depreciation expense - selling
Depreciation expense - office
Discount on bonds payable
Dividend revenue
Dividends
Dividends payable

Account	Normal Balance (DR or CR)	Financial Statement Classification
Office supplies expense
Equipment
Franchise
Freight in
Freight out
Gain on sale of equipment
Goodwill
Held-to-maturity securities
Income taxes payable
Interest expense
Interest payable
Interest receivable
Interest revenue
Inventory
Land
Land held for speculation
Loss on sale of land
Note payable, due 9/30/13
Note payable, due 4/30/19
Note receivable, due 6/15/13
Office supplies
Patents
Preferred stock
Premium on bonds payable
Prepaid insurance
Prepaid rent
Purchases
Purchase discounts
Purchase returns and allowances
Rent expense
Rent revenue
Retained earnings
Salaries and wages expense - officers
Salaries and wages expense - office
Salaries and wages payable
Sales commissions expense
Sales revenue
Sales returns and allowances
Sales discounts
Trading securities
Trademark
Treasury stock
Unearned sales revenue
Utilities expense
Wages expense
Wages payable