ACCY 111Account Classification Exercise

ACCY 111Account Classification Exercise

Purpose: This exercise lists examples of balance sheet accounts and enables youto practice determining where they are classified.

Instructions

Indicatewhich balancesheet classificationis the most appropriatefor reportingeach accountlistedbelowby selectingthe abbreviationof the corresponding column and put an “X” in the column.

Account Classifications
Current Assets / CA
Long-term Investments / INV
Property, Plant, and Equipment / PPE
Intangible Assets / ITG
Other Assets / OA
Current Liabilities / CL
Long-term Liabilities / LTL
Capital Stock / CS
Additional Paid-in Capital / APC
Retained Earnings / RE

If the account is a contra account, indicate that fact by putting the “X” inn parenthesis: “(X)”

Ifthe exact classification depends on facts which are not given, indicate your answer by putting more than one answer in the table.

If the account is reported on theincome statement rather than the balance sheet, indicate that fact with an “IS”. Assume all itemsare material. The solution will be posted later this week to WebCT.

Account Description / Account Classification – See Above
CA / INV / PPE / ITG / OA / CL / LTL / CS / APC / RE
1. Accounts Payable. / X
2. Accounts Receivable.
3. Accrued Interest Receivable on Long-term Investments.
4. Accrued Interest Payable.
5. Accrued Taxes Payable.
6. Accumulated Depreciation-Building.
7. Accumulated Depreciation-Machinery.
8. Mineral Reserves.
9. Advances by Customers.
10. Advances to Affiliates.
12. Advertising Expense.
13. Allowance for Bad Debts.
14. Allowance for Depreciation.
15. Allowance for Doubtful Accounts.
16. Allowance for Excess of Cost Over Market Value of Inventory.
17. Allowance for Inventory Price Declines.
18. Allowance for Purchase Discounts.
19. Allowance for Sales Discounts.
20. Allowance for Uncollectible Accts.
21. Appropriation for Bond Sinking Fund.
22. Appropriation for Contingencies.
23. Appropriation for Future Plant Expansion.
24. Appropriation for Treasury Stock Purchased.
25. Bank Overdraft.
26. Bond Interest Payable.
27. Bond Interest Receivable.
28. Bond Sinking Fund.
29.Building.
30. Cash.
31. Cash in Preferred Stock Redemption Fund.
32. Cash Surrender Value of Life Insurance.
33. Certificate of Deposit.
34. Common Stock.
35. Construction in Process (entity's new plant under construction).
36. Creditor's accounts with debit balances.
37. Current Maturities of Bonds Payable (to be paid from Bond Sinking Fund).
38. Current Maturities of Bonds Payable (to be paid from general cash account).
39. Current Portion of Mortgage Payable.
40. Current Portion of Long-term Debt.
41. Customers' accounts with credit balances.
42. Customers' Deposits.
43. Deferred Income Tax Asset.
44. Deferred Income Tax Liability.
45. Deferred Property Tax Expense.
46. Deferred Office Supplies.
47. Deferred Rental Income.
48. Deferred Subscription Revenue.
49. Deferred Service Contract Revenue.
50. Deposits on Equipment Purchases.
51. Depreciation of Equipment.
52. Discount on Bonds Payable.
53. Discount on Common Stock.
54. Discount on Notes Payable.
55. Discount on Notes Receivable.
56. Dishonored Notes Receivable.
57. Dividend Payable in Cash.
58. Dividend Payable in Common Stock.
59. Earned Rental Revenue.
60. Accrued Pension Liability.
61. Estimated Liability for Income Taxes.
62. Estimated Liability for Warranties.
63. Estimated Premium Claims Outstanding.
64. Factory Supplies.
65. Finished Goods Inventory.
66. Furniture and Fixtures.
67. Gain on Sale of Equipment.
68. General and Administrative Expenses.
69. Goodwill.
70. Income Tax Payable.
71. Income Tax Refund Receivable.
72. Income Tax Withheld (from employees).
73. Interest Payable.
74. Interest Receivable.
75. Interest Revenue.
76. Investment in General Motors Stock.
77. Investment in U.S. Gov. Bonds.
78. Investment in Unconsolidated Subsidiary.
79.Land.
80.Land Held for Future Plant Site.
81. Land Used for Parking lot.
82. Leasehold Improvements.
83. Leasehold Costs.
84. Loss on Sale of Marketable Securities.
85. Machinery and Equipment.
86. Machinery and Equip. Sitting Idle.
87. Marketable Securities.
88. Merchandise Inventory.
89. Mortgage Payable.
90. Notes Payable.
91. Notes Payable to Banks.
92. Notes Receivable.
93. Notes Receivable from Officers.
94. Office Supplies on Hand.
95. Office Supplies Prepaid.
96. Office Supplies Expense.
97. Office Supplies Used.
98. Patents.
99. Petty Cash Fund.
100. Plant and Equipment.
101. Preferred Stock Redemption Fund.
102. Premium on Bonds Payable.
103. Premium on Common Stock.
104. Prepaid Advertising.
105. Prepaid Insurance.
106. Prepaid Insurance Expense.
107. Prepaid Office Supplies.
108. Prepaid Royalty Payments.
109. Prepaid Property Taxes.
110. Provision for Bad Debts.
111. Provision for Income Taxes.
112. Rent Revenue.
113. Salaries Payable.
114. Sales Discounts and Allowances.
115. Selling Expense Control.
116. Stock Dividends Distributable.
117. Stock Dividends Payable.
118. Store Supplies.
119. Store Supplies Used.
120. Tools and Dies (5-year life).
121. Tools and Dies (6-mos.life).
122. Treasury Stock Common (at cost).
123. Unamortized Bond Issue Costs.
124. Unamortized Discount on Bonds Payable.
125. Unearned Rental Income.
126. Unearned Royalties.
127. Unearned Subscription Income.
128. Unexpired Insurance.
129. Vacation Pay Payable.
130. Vouchers Payable.
131. Work in Process.

Whew!!! Didn’t think there were this many accounts!!!!!

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