Abbreviations And Acronyms Commonly Used In Business And Accounting Page 3

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Account
Account
Normal
Financial
Title
Classification
Balance
Statement
Loss on Sale of Investments
Other expense
Debit
Income statement
Marketable Securities
Current asset
Debit
Balance sheet
Materials
Current asset
Debit
Balance sheet
Medicare Tax Payable
Current liability
Credit
Balance sheet
Merchandise Inventory
Current asset/Cost of
Debit
Balance sheet/Income
merchandise sold
statement
Notes Payable
Current liability/Long-
Credit
Balance sheet
term liability
Notes Receivable
Current asset/Investment
Debit
Balance sheet
Organizational Expenses
Operating expense
Debit
Income statement
Patents
Intangible asset
Debit
Balance sheet
Paid-In Capital from Sale of
Stockholders’ equity
Credit
Balance sheet
Treasury Stock
Paid-In Capital in Excess of
Stockholders’ equity
Credit
Balance sheet
Par (Stated Value)
Payroll Tax Expense
Operating expense
Debit
Income statement
Pension Expense
Operating expense
Debit
Income statement
Petty Cash
Current asset
Debit
Balance sheet
Preferred Stock
Stockholders’ equity
Credit
Balance sheet
Premium on Bonds Payable
Long-term liability
Credit
Balance sheet
Prepaid Insurance
Current asset
Debit
Balance sheet
Prepaid Rent
Current asset
Debit
Balance sheet
Purchases
Cost of merchandise
Debit
Income statement
sold
Purchases Discounts
Cost of merchandise
Credit
Income statement
sold
Purchases Returns and
Cost of merchandise
Credit
Income statement
Allowances
sold
Rent Expense
Operating expense
Debit
Income statement
Rent Revenue
Other income
Credit
Income statement
Retained Earnings
Stockholders’ equity
Credit
Balance sheet/Retained
earnings statement
Salaries Expense
Operating expense
Debit
Income statement
Salaries Payable
Current liability
Credit
Balance sheet
Sales
Revenue from sales
Credit
Income statement
Sales Discounts
Revenue from sales
Debit
Income statement
Sales Returns and Allowances
Revenue from sales
Debit
Income statement
Sales Tax Payable
Current liability
Credit
Balance sheet
Sinking Fund Cash
Investment
Debit
Balance sheet
Sinking Fund Investments
Investment
Debit
Balance sheet
Social Security Tax Payable
Current liability
Credit
Balance sheet
State Unemployment Tax Payable
Current liability
Credit
Balance sheet
Stock Dividends
Stockholders’ equity
Debit
Retained earnings statement
Stock Dividends Distributable
Stockholders’ equity
Credit
Balance sheet
Supplies
Current asset
Debit
Balance sheet
Supplies Expense
Operating expense
Debit
Income statement
Treasury Stock
Stockholders’ equity
Debit
Balance sheet
Uncollectible Accounts Expense
Operating expense
Debit
Income statement
Unearned Rent
Current liability
Credit
Balance sheet
Utilities Expense
Operating expense
Debit
Income statement
Vacation Pay Expense
Operating expense
Debit
Income statement
Vacation Pay Payable
Current liability/Long-
Credit
Balance sheet
term liability
Work in Process
Current asset
Debit
Balance sheet

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