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  • Q2 Module 4 Chart of Accounts 24

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    The document discusses the chart of accounts from the perspective of the buyer's book and seller's book. It lists common accounts for purchases, sales, cash, accounts payable, accounts receivable, returns and allowances. It also provides formulas for calculating accounts payable, accounts receivable, purchase discounts and sales discounts. Finally, it defines a chart of accounts as a list of account titles and numbers arranged in the ledger that categorizes transactions into assets, liabilities, income, expenses and capital accounts.

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    Q2-MODULE-4-CHART-OF-ACCOUNTS-24

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    The document discusses the chart of accounts from the perspective of the buyer's book and seller's book. It lists common accounts for purchases, sales, cash, accounts payable, accounts receivable, returns and allowances. It also provides formulas for calculating accounts payable, accounts receivable, purchase discounts and sales discounts. Finally, it defines a chart of accounts as a list of account titles and numbers arranged in the ledger that categorizes transactions into assets, liabilities, income, expenses and capital accounts.

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    4 views8 pages

    Q2 Module 4 Chart of Accounts 24

    Uploaded by

    calditosimeon
    The document discusses the chart of accounts from the perspective of the buyer's book and seller's book. It lists common accounts for purchases, sales, cash, accounts payable, accounts receivable, returns and allowances. It also provides formulas for calculating accounts payable, accounts receivable, purchase discounts and sales discounts. Finally, it defines a chart of accounts as a list of account titles and numbers arranged in the ledger that categorizes transactions into assets, liabilities, income, expenses and capital accounts.

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    of 8

    Module

    CHART OF ACCOUNTS
    Maria Gradiva Salonga-Baes
    January 31, 2023
    Buyer’s Book Seller’s Book
    Purchases (always debit) Cash/Accounts Receivable/Notes Receivable
    Cash/Accounts Payable/Notes Payable (credit) Sales (always credit)

    Cash (returned defective goods bought on cash) Sales Returns and Allowances (always debit)
    Purchase Returns and Allowances (credit) Cash
    Buyer’s
    (received Bookdefective goods on cash)
    returned
    Accounts Payable (returned defective goods on account) Sales Returns and Allowances (always debit)
    Purchase Returns and Allowances (credit) Accounts Receivable
    (received returned defective goods on account)

    Accounts Payable (payment of account without discount) Cash (received payment of account)
    Cash Accounts Receivable

    Accounts Payable (payment of account with discount) Cash (received payment with discount)
    Cash Sales Discount
    Purchase Discount Accounts Receivable

    Freight In (buyers paid the shipping cost-always debit) Freight Out (sellers sold/paid the shipping cost)
    Cash Cash
    FORMULA: AP-partial payment-PRA=Accounts Payable FORMULA: A/R-received partial payment-
    Purchases-PRA x given discount=Purchase Discount SRA=Accounts Receivable
    Sales-SRA x given discount = Sales Discount
    What is a Chart of Accounts?
     Chart of Accounts
    A chart of account is a list of account titles and
    account numbers arranged in order in the ledger. It is
    a list of Assets, Liabilities, Income, Expenses and
    Capital Accounts with a brief description of the nature
    of transaction and also includes an identification
    number or account number.
    -it is like a map that helps you categorize your
    transactions
    Heading Format
    DEF Enterprise name of the business or owner

    Chart of Accounts name of the report


    Account No.: Account Title
    101 Cash
    102 Accounts Receivable

    Move to the left,


    Center the count 5 spaces
    account number then align the rest
    of the account

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