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  • Chart of Accounts

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    Steven Godoy
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    This document provides a chart of accounts for tracking business finances, including asset, liability, and capital accounts. Asset accounts track cash, accounts receivable from customers, inventory for sale, prepaid expenses, supplies, and equipment. Liability accounts track accounts payable to creditors, promissory notes issued, and salaries owed. Capital accounts track the owner's equity in the business and revenue from services provided. Expense accounts track salaries incurred and utility costs regardless of payment.

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    This document provides a chart of accounts for tracking business finances, including asset, liability, and capital accounts. Asset accounts track cash, accounts receivable from customers, inventory for sale, prepaid expenses, supplies, and equipment. Liability accounts track accounts payable to creditors, promissory notes issued, and salaries owed. Capital accounts track the owner's equity in the business and revenue from services provided. Expense accounts track salaries incurred and utility costs regardless of payment.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    5 views1 page

    Chart of Accounts

    Uploaded by

    Steven Godoy
    This document provides a chart of accounts for tracking business finances, including asset, liability, and capital accounts. Asset accounts track cash, accounts receivable from customers, inventory for sale, prepaid expenses, supplies, and equipment. Liability accounts track accounts payable to creditors, promissory notes issued, and salaries owed. Capital accounts track the owner's equity in the business and revenue from services provided. Expense accounts track salaries incurred and utility costs regardless of payment.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    CHART OF ACCOUNTS

    Assets
    Account Account Description
    Code
    *may
    vary
    Cash 1000 Use for actual cash transactions
    Accounts 1200 Use for customers who will pay in the
    Receivable future
    Inventory 1300 Use for items held for sale
    Prepaid Expenses 1400 Use for expenses paid in advance
    Supplies 1500 Use for items to be used in the future
    Office Equipment 1600 Use for equipment that are used in the
    office
    Store Equipment 1700 Use for equipment that are used in the
    store
    Land 1800 Use for land used in operations
    Liabilities
    Accounts Payable 2000 Use for the debts of the company
    Notes Payable 2100 Use for promissory notes issued by the
    company
    Salaries Payable 2200 Use for salaries to be paid in the future
    Capital
    Owner’s, Capital 3000
    Owner’s, 4000
    Withdrawal
    Service Revenue 5000 Use for earnings
    Salaries Expense 6000 Use for salaries incurred, regardless of
    payment
    Utilities Expense 6100 Use for electricity and water expenses
    incurred

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