Chart of Accounts

Name : Jadean G. Aguilar

Course: BSA Date _____

101-199 Asset Accounts

201-299 Liability Accounts
301-399 Equity Accounts
401-499 Revenue Accounts
501-599 Expense Accounts

The following are examples of Asset accounts:

101 Cash
-money in coins or notes, as distinct from checks, money orders, or credit.
102 Petty cash
-an accessible store of money kept by an organization for expenditure on small items.
103 Cash equivalents
-are investments securities that are meant for short-term investing; they have high
credit quality and are highly liquid.
104 Short-term investments
-also known as marketable securities or temporary investments, are those which can
easily be converted to cash, typically within 5 years.
106 Accounts receivable
-are legally enforceable claims for payment held by a business for goods supplied
and/or services rendered that customers/clients have ordered but not paid for.
107 Allowance for doubtful accounts
-is a contra-asset account that nets against the total receivables presented on the
balance sheet to reflect only the amounts expected to be paid.
109 Interest receivable
-refers to the interest that has been earned by investments, loans, or overdue
invoices but has not actually been paid yet.
110 Rent receivable
-is the title of the balance sheet asset account which indicates the amount of rent that
has been earned, but has not been collected as of the date of the balance sheet.
111 Notes receivable
-represents claims for which formal instruments of credit are issued as evidence of
debt, such as a promissory note
119 Merchandise inventory
- is goods that have been acquired by a distributor, wholesaler, or retailer from suppliers,
with the intent of selling the goods to third parties. This can be the single largest asset on the
balance sheet of some types of businesses.
124 Office supplies
- are consumables and equipment regularly used in offices by businesses and other
organizations, by individuals engaged in written communications, record keeping or
bookkeeping, janitorial and cleaning, and for storage of supplies or data.
128 Prepaid insurance
- is the interest that a debtor pays before the first scheduled debt repayment. ... For
mortgage loans, prepaid interest can also be the interim interest that accrues from the
 settlement day to the beginning of the first mortgage period.
129 Prepaid interest
is the interest that a debtor pays before the first scheduled debt repayment. ... For
mortgage loans, prepaid interest can also be the interim interest that accrues from the
settlement day to the beginning of the first mortgage period.
131 Prepaid rent
- is rent paid prior to the rental period to which it relates, so the tenant should record
on its balance sheet the amount of rent paid that has not yet been used.
141 Long-term Investments
- is an account on the asset side of a company's balance sheet that represents the
company's investments, including stocks, bonds, real estate, and cash.
151 Automobiles
- a road vehicle, typically with four wheels, powered by an internal combustion engine
or electric motor and able to carry a small number of people
152 Accumulated depreciation- Automobiles
-the total amount of depreciation expenses recognized since the automobiles was
acquired and made available use.
153 Trucks
- any of various forms of vehicle for carrying goods and materials, usually consisting
of a single self-propelled unit but also often composed of a trailer vehicle hauled by a
tractor unit. any of various wheeled frames used for transporting heavy objects. Also
called hand truck.
154 Accumulated depreciation-Trucks
-the total amount of depreciation expenses recognized since the trucks was acquired
and made available use.
159 Library
-a place set apart to contain books, periodicals, and other material for reading,
viewing, listening, study, or reference, as a room, set of rooms, or building where books
may be read or borrowed.
160 Accumulated depreciation-Library
- the total amount of depreciation expenses recognized since the library was acquired
and made available use
The following are examples of Liability accounts:

201 Accounts payable

-is money owed by a business to its suppliers shown as a liability on a company's
balance sheet.
202 Insurance payable
-is debt that is related to insurance expense. It shows the amount of the company's
unpaid premiums.
203 Interest payable
-is the interest expense that has been incurred (has already occurred) but has not
been paid as of the date of the balance sheet.
204 Legal fees payable
-A lawyer charges a specific, total fee. A flat fee is usually offered only if your case is
relatively simple or routine such as a will or an uncontested divorce. Hourly Rate: The
lawyer will charge you for each hour.
207 Office salaries payable
 -is a liability account that contains the amounts of any salaries owed to employees,
which have not yet been paid to them.
208 Rent payable
-is money that you owe to a landlord. ... Rent payable draws on a timing difference
between the time rent becomes due and when a lessee extinguishes the related debt.
209 Salaries payable
- is a liability account that contains the amounts of any salaries owed to employees,
which have not yet been paid to them
210 Wages payable
-refers to the wages that a company's employees have earned, but have not yet been
paid.
211 Accrued payroll payable
- This current liability account reports the amount a company owes the state and
federal governments as of the balance sheet date for the employer's unemployment tax
based on the governments' rates and the company employees' salaries and wages.
214 Estimated warranty liability
- This current liability account reports the amount a company owes (must remit) for its
employees' Social Security and Medicare taxes as of the date of the balance sheet.
215 Income taxes payable
- A balance sheet liability account which reports the total amount owed to employees
at the balance sheet date for future vacation days as a result of the employees' past
work.
216 Common dividend payable
- are dividends that a company's board of directors has declared to be payable to its
shareholders. Until such time as the company actually pays the shareholders, the cash
amount of the dividend is recorded within a dividends payable account as a current
liability.
217 Preferred dividend payable
- is a dividend that is accrued and paid on a company's preferred shares. If a
company is unable to pay all dividends, claims to preferred dividends take precedence
over claims to dividends that are paid on common shares.
218 State unemployment taxes payable
- This current liability account reports the amount a company owes the state and
federal governments as of the balance sheet date for the employer's unemployment tax
based on the governments' rates and the company employees' salaries and wages.
219 Employee federal income taxes payable
-After you withhold federal income tax from your employees' paychecks, the amounts
withheld are classified as federal income tax payable until you remit them to the IRS. ...
Once you withhold this tax but have not yet paid it to your state, the withheld amounts
are classified as state income tax payable.
221 Employee medical insurance payable
- is a type of insurance coverage that typically pays for medical, surgical, prescription
drug and sometimes dental expenses incurred by the insured. Health insurance can
reimburse the insured for expenses incurred from illness or injury, or pay the care
provider directly. It is often included in employer benefit packages as a means of enticing
quality employees, with premiums partially covered by the employer but often also
deducted from employee paychecks.
222 Employee retirement program payable
-- An arrangement by which an entity provides benefits (annual income or lump sum)
to employees after they terminate from service.
223 Employee union dues payable
- This is the payment of money made by the employees or members. By paying union
dues, members pool their resources to ensure protection of the group as a whole and
achieve fair wages and benefits, safe working conditions and representation.
224 Federal unemployment taxes payable
- This current liability account reports the amount a company owes the state and
federal governments as of the balance sheet date for the employer's unemployment tax
based on the governments' rates and the company employees' salaries and wages.
225 FICA taxes payable
- This current liability account reports the amount a company owes (must remit) for its
employees' Social Security and Medicare taxes as of the date of the balance sheet.
226 Estimated vacation pay liability
- A balance sheet liability account which reports the total amount owed to employees
at the balance sheet date for future vacation days as a result of the employees' past
work.
230 Unearned consulting fees
- all fees, costs, expenses and other amounts payable that collects from a customer
that the company has yet to perform under the Consulting Agreement, as in effect on the
Effective Date. if your small business collects unearned consulting fees, you must record
the fees initially as a liability on the balance sheet.
231 Unearned legal fees
-cash is not collected but it recognized the revenue.
232 Unearned property management fees
-cash property management fees are not collected but it recognized the revenue.
235 Unearned janitorial revenue
- cash collected by the janitor in advance for a service that is yet to be rendered.
238 Unearned rent
- it is income that hasn't been earned yet, such as rent paid for the upcoming month
or payments for products that will be shipped later. Unearned revenue is also often
 referred to as “advances from customers.
240 Short-term notes payable
- is a current obligation made in writing to pay a specific amount within one year or
the current accounting period. In other words, it’s written loan or promissory note
between the lender and the borrower to pay the principle back plus interest on a specific
date that is one year or less in the future.
245 Notes payable
- this represents the amount of money owned by the business to the supplier or
creditor evidenced by a promissory note.
251 Long-term notes payable
-refers to an agreement a company enters into with another party, which includes a
formal written promise to pay pre-determined amounts on specific dates. To be
categorized as a long-term note payable, the maturity of the note must be longer than
one year or operating cycle.
253 Long-term lease liability
- a lease for longer than one, five or 10 years, depending on the specific asset being
leased.
255 Bonds payable
-are a form of long-term debt usually issued by corporations, hospitals, and
governments. The issuer of bonds makes a formal promise/agreement to pay interest
usually every six months (semiannually) and to pay the principal or maturity amount at a
specified date some years in the future
258 Deferred income tax liability
- is a liability recorded on a balance sheet resulting from a difference in income
recognition between tax laws and the company's accounting methods. For this reason,
the company's payable income tax may not equate to the total tax expense reported.

The following are examples of Equity accounts

301 Owner’s Capital

-also called owner's equity, is the equity account that shows the owners' stake in the
business.
302 Owner’s Withdrawals
-sometimes called a distribution, is a payment of cash or assets from a partnership
or sole proprietorship to one of its owners.
307 Common stock, par value common stock
-the par value per share is usually a very small amount such as $0.10 or $0.01 and
it has no connection to the market value of the share of stock.
308 Common stock, no par value no-par value stock
 -is issued without the specification of a par value indicated in the company's articles
of incorporation or on the stock certificate.
309 Common stock, stated value
-is an amount assigned to a corporation's stock for internal accounting purposes
when the stock has no par value.
310 Common stock dividend distributable

- is a dividend payable to the holders of a corporation's common stock that has

been declared by the entity's board of directors, but not yet paid. Once declared, this
amount is classified as a liability of the corporation.

311 Paid-in capital in excess of par value, Common Stock

-The stockholders' equity account that represents the amount paid to a corporation
for its common stock that was in excess of the common stock's par value. This
account is sometimes referred to as the premium on common stock (The par value of
common stock is recorded in a separate stockholder's equity account.)
312 Paid-in capital in excess of stated value, No-par common stock
- The stockholders' equity account that reports the amount paid to a corporation that
is in excess of the common stock's stated value. The stated value of each share
issued is recorded in the Common Stock account.
313 Paid-in capital from retirement of common stock
-When a company retires some of its common stock, it purchases them from owners
and reduces the number of shares issued and the number of shares outstanding
314 Paid in capital, Treasury stock
- A stockholders' equity account with a credit balance. The credit balance results
when a corporation sells some of its treasury stock for an amount that exceeds the
corporation's cost of the treasury stock that was sold.
315 Preferred stock
- stock that entitles the holder to a fixed dividend, whose payment takes priority over
that of common-stock dividends.
316 Paid-in capital in excess of par value, Preferred Stock
- the stockholders' equity account that represents the amount paid to a corporation
for its preferred stock that was in excess of the preferred stock's par value. This
account is sometimes referred to as the premium on preferred stock (The par value of
preferred stock is recorded in a separate stockholder's equity account.)
318 Retained earnings
- is the amount of net income left over for the business after it has paid out dividends
to its shareholders. A business generates earnings that can be positive (profits) or
negative (losses).
319 Cash dividends
- is a payment made by a company out of its earnings to investors in the form of
cash (check or electronic transfer). This transfers economic value from the company to
 the shareholders instead of the company using the money for operations.

The following are examples of Revenue accounts:

401 Fees earned from product one* Fees earned

402 Fees earned from product two*

403 Service revenue one*

404 Service revenue two*

405 Commissions earned

-is an amount earned in exchange for transacting a sale of a product or providing a
service.
406 Rent revenue
-is the title of an income statement account which (under the accrual basis of
accounting) indicates the amount of rent that has been earned during the period of
time indicated in the heading of the income statement.
407 Dividends revenue
-in the process, a company converts a percentage of its ownership into
shareholder equity. ... When a company opts to invest its net proceeds, the interest
earnings made become dividend revenue for its shareholders.
408 Earnings from investments in “blank”
-No experience and no investment are required to earn from these websites.
409 Interest revenue
- are the earnings that an entity receives from any investments it makes, or on debt
it owns. Under the accrual basis of accounting, a business should record interest
revenue even if it has not yet been paid in cash for the interest, as long as it has
earned the interest; this is done with an accrual journal entry.
410 Sinking fund earnings
- is a fund containing money set aside or saved to pay off a debt or bond. A
company that issues debt will need to pay that debt off in the future, and the sinking
fund helps to soften the hardship of a large outlay of revenue.
413 Sales

- this represents the earnings made by any business that is into selling goods or
merchandise.
414 Sales returns and allowances

- is a contra-revenue account deducted from Sales. It is a sales adjustments

account that represents merchandise returns from customers, and deductions to the
original selling price when the customer accepts defective products.
415 Sales discounts

-a reduction in the price of a product or service that is offered by the seller, in

exchange for early payment by the buyer. A sales discount may be offered when the
seller is short of cash, or if it wants to reduce the recorded amount of its receivables
outstanding for other reasons
A firm will have a varying number of these accounts depending on the number of products or
services the firm manufactures or offers.

The following are examples of Expense accounts:

501 Amortization expense
-is the write-off of an intangible asset over its expected period of use, which
reflects the consumption of the asset.
502 Depletion expense
-is a charge against profits for the use of natural resources.
503 Depreciation expense-Automobiles
-When you purchase a car for your business, you generally are not allowed to
deduct the entire cost on your tax return in the same year that you purchased it.
504 Depreciation expense-Building
-reduces a building's value over its useful life on your small business's balance
sheet and reduces your net income as an expense on your income statement.
505 Depreciation expense-Furniture
-furniture depreciation using your own calculations or use an online used-furniture
calculator.
506 Depreciation expense-Land improvements
-the depreciation of land improvements will result in depreciation expense on the
company's income tax return.
507 Depreciation expense-Library
-Subtract the asset's salvage value from its cost to determine the amount that can
be depreciated. Divide this amount by the number of years in the asset's useful
lifespan. Divide by 12 to tell you the monthly depreciation for the asset.
508 Depreciation expense-Machinery
-The income statement account which contains a portion of the cost of equipment
that is being expensed during the time interval shown in the heading of the income
statement.
509 Depreciation expense-Mineral deposit
-Resources supplied by nature, such as ore deposits, mineral deposits, oil
reserves, gas ... (Accumulated depletion is similar to the accumulated depreciation
used for plant assets.
510 Depreciation expense-Office equipment
-Office equipment is classified as fixed assets on the balance sheet and hence, are
depreciated accordingly.
511 Depreciation expense-Trucks
-The depreciation on the trucks used to deliver products to customers is a period
cost. The depreciation on delivery trucks will be reported as an expense on the
income statement in the period in which it occurs.
520 Office salaries expense
-is the fixed pay earned by employees
521 Sales salaries expense
-sales salaries, sales commissions, and delivery expense, and general and
administrative expenses such as office salaries, and depreciation on office equipment,
are all considered period costs.
522 Salaries expense
-reports the salaries that employees have earned during the period indicated in the
heading of the income statement, whether or not the company has yet paid the
employees.
523 “Blank” wages expense
 - it is the wages expense of the firm to Mr. Blank
524 Employees’ benefits expense
- To calculate the labor burden, add each employee's wages, payroll taxes, and
benefits to an employer's annual overhead costs (building costs, property taxes,
utilities, equipment, insurance, and benefits). Then divide that total by the employer's
number of employees.
525 Payroll taxes expense
-is the portion you pay for your employees' health care plans and/or retirement
funds.
530 Cash over and Short

- refers to an expense account that is used to report overages and shortages to an

impress account such as petty cash. The cash over and short account is used to record
the difference between the expected cash balance and the actual cash balance in the
impress account.

531 Discounts lost

- is an opportunity to take a deduction on a payment to a supplier that has offered a

reduced payment in exchange for paying early.

532 Factoring fee expense

are the discount factoring companies receive for purchasing invoices before they are
due and waiting for debtors to pay them. These fees are calculated by applying a
factoring rate either on the amount advanced or on the invoice face value depending
on an agreed upon rate structure.

533 Interest expense

- relates to the cost of borrowing money. It is the price that a lender charges a
borrower for the use of the lender's money. On the income statement, interest expense
can represent the cost of borrowing money from banks, bond investors, and other
sources.

535 Insurance expense-Delivery equipment

- A long term asset account containing the cost of delivery equipment acquired by a
company and used in its business. The account will appear on the balance sheet under
the heading of Property, Plant and Equipment. There will be a related contra asset
account Accumulated Depreciation: Delivery Equipment where the depreciation
expense is accumulated.

536 Insurance expense-Office equipment

- When office equipment doesn't meet the capitalization threshold, it is deemed to

be an expense and noted on the income statement. ... Most office equipment such as
computers, copiers or furniture falls into administrative or other expenses.

540 Rent expense

- is the cost incurred by a business to utilize a property or location for an office,

retail space, factory, or storage space. Rent expense is a type of fixed operating cost or
an absorption cost for a business, as opposed to a variable expense.

541 Rent expense-Office space

 - is the cost a business pays to occupy a property for an office, retail space, storage
space, or factory. For manufacturing companies, rental expenses tied to production are
part of factory overhead, while administrative office rent is part of operating expenses.

542 Rent expense-Selling space

- Depending upon the use of the space, Rent Expense could appear on the income
statement as part of administrative expenses or selling expenses. If the rented space
was used to manufacture goods, the rent would be part of the cost of the products
produced.

543 Press rental expense

- Rent expense is the cost incurred by a business to utilize a property or location for
an office, retail space, factory, or storage space. Rent expense is a type of fixed
operating cost or an absorption cost for a business, as opposed to a variable expense.
Rental expenses are often subject to a one- or two-year contract between the lessor
and lessee, with options to renew.

544 Truck rental expense

- is an account in which is stored the year-to-date expense associated with renting

various types of equipment. The total for this account may appear as a separate line
item in the income statement, or it may be aggregated with other accounts into a line
item with a different designation. The balance in the account is cleared out at the end
of each fiscal year.

545 “Blank” rental expense

- Rent expense is the cost incurred by a business to utilize a property or location for
an office, retail space, factory, or storage space. ... Rental expenses are often subject to
a one- or two-year contract between the lessor and lessee, with options to renew.

550 Office supplies expense

-Office supplies expense is the amount of administrative supplies charged to

expense in a reporting period. These items are charged to expense when used; or, if the
cost of supplies is immaterial, it is charged to expense when the cost is initially incurred

551 Store supplies expense

- These supplies include maintenance materials, janitorial supplies, and items that
are considered incidental to the production process. They are usually charged to
expense as incurred, in which case the supplies expense account is included within the
cost of goods sold category on the income statement.

552 “Blank” supplies expense

- refers to the cost of consumables used during a reporting period. Depending on

the type of business, this can be one of the larger corporate expenses. There are two
types of supplies that may be charged to expense, which are: Factory supplies.

555 Advertising expense

 - refers to the cost incurred in promoting a business, such as publications in
periodicals (newspapers and magazines), television, radio, the internet, billboards,
flyers, and others.
556 Bad debts expense
- is recognized when a receivable is no longer collectible because a customer is
unable to fulfill their obligation to pay an outstanding debt due to bankruptcy or other
financial problems.
557 Blueprinting expense
-means the expenses of Blueprints, photostats, and other printing expenses.
558 Boat expense
-it is the total expenses of purchasing a boat by the business of the company.
559 Collection expense
-is the cost incurred to collect debt that is owed, a process called debt collection.
This could include expenditures for hiring a collection agency. Some contracts and
regulations prescribe liquidated damages for collection costs. When collection costs
occur, the debtor has pay off debt to get the collector out of collection cost
561 Concessions expense
-- The compensation that an underwriter receives for placing a new issue with
investors. It is calculated as a discount from the price of the new issue.
562 Credit card expense
- means, with respect to any Property, authorized expenses relating to the day to
day operation of such Property which expenses are charged by any local on-site
administrator or staff of such Property on any charge card provided to such local on-
site administrator or staff by the Manager of such Property.
563 Delivery expense
- refers to cost incurred by a business in transporting its goods to customers. It
includes gas and oil costs, payments to third-party delivery companies, and other
transportation costs.
564 Dumping expense
-- is considered a form of price discrimination. It occurs when a manufacturer lowers
the price of an item entering a foreign market to a level that is less than the price paid
by domestic customers in the originating country.
566 Equipment expense
-- is the cost incurred to maintain and operate office equipment. This cost is charged
to expense as incurred
567 Food and drinks expense
- simply the total cost of your food net of existing inventory. Usually beverage costs
are counted separately but occasionally these are combined.
568 Gas and oil expense
- the total expenses incurred by the companies in gas and oil production.
571 General and administrative expense
 -represent the necessary costs to maintain a company's daily operations and
administer its business, but these costs are not directly attributable to the production of
goods and services
572 Janitorial expense
- means all costs associated with trash and garbage removal, recycling, cleaning,
and sanitizing the Building.
573 Legal fees expense
- means the fees, costs and expenses of any kind incurred by any person
indemnified herein and its counsel in investigating, preparing for, defending against or
providing evidence, producing documents or taking other action with respect to any
threatened or asserted claim.
574 Mileage expense
- refer to the deductibility of expenses car owners accrue while operating a personal
vehicle for business, medical, charity, or moving purposes. The expense amount is
auto-generated based on the distance and the mileage rate.
576 Miscellaneous expense
- refer to a general ledger account in which small, infrequent transaction amounts
are recorded. The account Miscellaneous Expenses should be used as the last resort
577 Mower and tool expense
- is the money spent, or costs incurred by a business in their effort using different
tools to generate revenues.
578 Operating expense
- are expenses a business incurs in order to keep it running, such as staff wages
and office supplies. Operating expenses do not include cost of goods sold (materials,
direct labor, manufacturing overhead) or capital expenditures (larger expenses such as
buildings or machines).
579 Organization expense
- is the initial cost incurred to create a company. Organizational expense usually
includes legal and promotional fees to establish the company with the state and federal
government. In other words, organizational expenses are the costs of organizing or
incorporating a company.
580 Permits expense
- means the actual costs payable to a Governmental Authority and all other
reasonable third-party costs and expenses incurred in connection with the application
for, issuance of, modification of, and maintaining of an Applicable Permit; provided,
that, maintenance costs shall be limited to actual costs payable to a Governmental
Authority and other reasonable administrative costs and expenses.
581 Postage expense
- is the money that you pay for sending letters and packages by post.
582 Property taxes expense
 - is a tax paid on property owned by an individual or other legal entity, such as a
corporation. Most commonly, property tax is a real estate ad-valorem tax, which can be
considered a regressive tax. It is calculated by a local government where the property
is located and paid by the owner of the property.
582 Repairs expense
- the costs incurred to bring an asset back to an earlier condition or to keep the
asset operating at its present condition (as opposed to improving the asset).
584 Selling expense
- is a cost incurred to promote and market products to customers. These costs can
include anything from advertising campaigns and store displays to delivering goods to
customers. Any expense that is associated with selling a good or making a sale is
considered a selling expense.
585 Telephone expense
-is the cost associated with all land lines, fax lines, and cell phones during a usage
period. If a cost is incurred in advance, then it is initially recorded as a prepaid
expense, and later recognized as telephone expense in the period in which the service
is actually used. This cost is usually stored in a separate general ledger account that
may be aggregated with other utilities when it is reported on an organization's income
statement.
587 Travel and entertainment expense
- an expense incurred by an employee while he/she is traveling for business
purposes or entertaining a business client.
590 Utilities expense
- This refers to costs associated with the usage of electricity, water, and
communication for a particular accounting period
591 Warranty expense
- is the cost that a business expects to or has already incurred for the repair or
replacement of goods that it has sold. The total amount of warranty expense is limited
by the warranty period that a business typically allows. After the warranty period for a
product has expired, a business no longer incurs a warranty liability.
595 Income taxes expense
- is the total amount of taxes owed by an individual, corporation, or other entity to a
taxing authority. Income tax expense is arrived at by multiplying taxable income by the
effective tax rate. Other taxes may be levied against an asset's value, such as property
or estate taxes.