TWELFTH EDITION ACCOUNTING PRINCIPLES ACCOUNT CLASSIFICATION AND PRESENTATION Account Title Classification Financial Statement Normal Balance A Accounts Payable Current Liability Balance Sheet Credit Accounts Receivable Current Asset Balance Sheet Debit Accumulated Depreciation—Buildings Plant Asset—Contra Balance Sheet Credit Accumulated Depreciation—Equipment Plant Asset—Contra Balance Sheet Credit Advertising Expense Operating Expense Income Statement Debit Allowance for Doubtful Accounts Current Asset—Contra Balance Sheet Credit Amortization Expense Operating Expense Income Statement Debit B Bad Debt Expense Operating Expense Income Statement Debit Bonds Payable Long-Term Liability Balance Sheet Credit Buildings Plant Asset Balance Sheet Debit C Cash Current Asset Balance Sheet Debit Common Stock Stockholders’ Equity Balance Sheet Credit Copyrights Intangible Asset Balance Sheet Debit Cost of Goods Sold Cost of Goods Sold Income Statement Debit D Debt Investments Current Asset/Long-Term Investment Balance Sheet Debit Depreciation Expense Operating Expense Income Statement Debit Discount on Bonds Payable Long-Term Liability—Contra Balance Sheet Debit Dividends Temporary account closed to Retained Earnings Retained Earnings Statement Debit Dividends Payable Current Liability Balance Sheet Credit E Equipment Plant Asset Balance Sheet Debit F Freight-Out Operating Expense Income Statement Debit G Gain on Disposal of Plant Assets Other Income Income Statement Credit Goodwill Intangible Asset Balance Sheet Debit I Income Summary Temporary account closed to Retained Earnings Not Applicable (1) Income Tax Expense Income Tax Expense Income Statement Debit Income Taxes Payable Current Liability Balance Sheet Credit Insurance Expense Operating Expense Income Statement Debit Interest Expense Other Expense Income Statement Debit Interest Payable Current Liability Balance Sheet Credit Interest Receivable Current Asset Balance Sheet Debit Interest Revenue Other Income Income Statement Credit Inventory Current Asset Balance Sheet (2) Debit

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