Difference between revisions of "Chart of accounts"
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==Examples== | ==Examples== | ||
===Simple chart of accounts=== | ===Simple chart of accounts=== | ||
| + | :The charts below are just examples; no general standard exists in [[GAAP]].<blockquote><table class="wikitable" width=100% style="text-align:center;"><caption>Example of chart of accounts for [[sole proprietorship]] or [[partnership]]</caption><tr><th>To be used in</th><th>Category</th><th>Account code</th><th>Account name</th></tr><tr><td rowspan="8">Balance sheet</td><td rowspan="4">Assets</td><td>111</td><td>Cash</td></tr><tr><td>112</td><td>Accounts Receivable</td></tr><tr><td>121</td><td>Office Equipment</td></tr><tr><td>122</td><td>Delivery Trucks</td></tr><tr><td>Liabilities</td><td>211</td><td>Accounts Payable</td></tr><tr><td rowspan="3">Owner's Equity</td><td>311</td><td>Mel Free, Capital</td></tr><tr><td>312</td><td>Mel Free, Withdrawals</td></tr><tr><td>313</td><td>Income Summary</td></tr><tr><td rowspan="6">Income statement</td><td>Revenue</td><td>411</td><td>Delivery Fees Earned</td></tr><tr><td rowspan="5">Expenses</td><td>511</td><td>Salaries Expense</td></tr><tr><td>512</td><td>Advertising Expense</td></tr><tr><td>513</td><td>Gas Expense</td></tr><tr><td>514</td><td>Office Supplies Expense</td></tr><tr><td>515</td><td>Telephone Expense</td></tr></table></blockquote> | ||
| + | :The following transactions resulted for Mel's Delivery Service during the month of July of 2018:<blockquote><table class="wikitable" width=100% style="text-align:center;"><caption>Mel's Delivery Service's operations, July of 2018</caption><tr><th>Transaction date</th><th>Transaction reference</th><th>Transaction description</th></tr><tr><td>July 1</td><td>A</td><td>Mel invested $10,000 in the business from his personal savings account</td></tr><tr><td>July 5</td><td>B</td><td>Bought delivery trucks on account, $17,000</td></tr><tr><td>July 9</td><td>C</td><td>Advertising bill received but unpaid, $700</td></tr><tr><td>July 12</td><td>D</td><td>Bought office equipment for cash, $1,200</td></tr><tr><td>July 19</td><td>E</td><td>Received cash for delivery services rendered, $15,000</td></tr><tr><td>July 21</td><td>F</td><td>Paid salaries expense, $3,000</td></tr><tr><td>July 22</td><td>G</td><td>Paid gas expense for company trucks, $1,250</td></tr><tr><td>July 25</td><td>H</td><td>Billed customers for delivery services rendered, $4,000</td></tr><tr><td>July 26</td><td>I</td><td>Paid telephone bill, $300</td></tr><tr><td>July 27</td><td>J</td><td>Received $3,000 as partial payment of transaction H</td></tr><tr><td>July 29</td><td>K</td><td>Mel paid home telephone bill from company checkbook, $150</td></tr></table></blockquote> | ||
====Balance Sheet Accounts==== | ====Balance Sheet Accounts==== | ||
Revision as of 11:16, 16 November 2018
Contents
Examples
Simple chart of accounts
- The charts below are just examples; no general standard exists in GAAP.
Example of chart of accounts for sole proprietorship or partnership To be used in Category Account code Account name Balance sheet Assets 111 Cash 112 Accounts Receivable 121 Office Equipment 122 Delivery Trucks Liabilities 211 Accounts Payable Owner's Equity 311 Mel Free, Capital 312 Mel Free, Withdrawals 313 Income Summary Income statement Revenue 411 Delivery Fees Earned Expenses 511 Salaries Expense 512 Advertising Expense 513 Gas Expense 514 Office Supplies Expense 515 Telephone Expense - The following transactions resulted for Mel's Delivery Service during the month of July of 2018:
Mel's Delivery Service's operations, July of 2018 Transaction date Transaction reference Transaction description July 1 A Mel invested $10,000 in the business from his personal savings account July 5 B Bought delivery trucks on account, $17,000 July 9 C Advertising bill received but unpaid, $700 July 12 D Bought office equipment for cash, $1,200 July 19 E Received cash for delivery services rendered, $15,000 July 21 F Paid salaries expense, $3,000 July 22 G Paid gas expense for company trucks, $1,250 July 25 H Billed customers for delivery services rendered, $4,000 July 26 I Paid telephone bill, $300 July 27 J Received $3,000 as partial payment of transaction H July 29 K Mel paid home telephone bill from company checkbook, $150
Balance Sheet Accounts
Asset Accounts
- 101 Bank/Cash at Bank<ref>Template:Cite book</ref>
- 102 Cash
- 108 Deferred Expense
- 110 Other A52312
- 112 Accounts Receivable
- 116 Supplies
- 130 Prepaid Insurance
- 157 Equipment
- 158 Accumulated Depreciation Equipment
Liability Accounts
- 200 Notes Payable
- 201 Accounts Payable
- 209 Unearned Service Revenue
- 230 Interest Payable
- 231 Deferred Gross profit
Equity Accounts (for sole proprietorship and partnerships)
- 300 Owner's capital
- 311 Share Capital-Ordinary
- 320 Retained Earnings
- 330 Capital contributions
- 332 Dividends
- 350 Income Summary
- 360 Drawings (Distributions)
Equity Accounts (for corporations)
- 300 Dividend
- 310 Capital in excess of par
- 330 Retained earnings
Profit & Loss Accounts
Revenue Accounts
- 400 Rental Income
- 410 Sales Income
- 420 Interest Income
Expense Accounts
- 570 Office Expense
- 585 Computer Expenses
- 595 Communication Expense
- 597 Labour & Welfare Expenses
- 610 Advertising Expenses
- 599 Printing & Stationery Expenses
- 631 Supplies Expense
- 711 Depreciation Expense
- 722 Insurance Expense
- 726 Salaries and Wages Expense
- 729 Rent Expense
- 732 Utilities Expense
- 905 Interest Expense
