Chart of Accounts Overview Flashcards
Commonly used accounts for a firm that generates service and sales revenue. Perpetual approach to inventory. (If was period, would need temp accts to record inv. purch: Purchases; freight-in, Purchase Returns and Allowances, Purchase Discounts)
Assets—the firm’s economic resources.
Basic: assets = liabilities + owners’ equity
Expanded: assets = liabilities + contributed capital + ending retained earnings
Expanded again: assets = liabilities + contributed capital + beginning retained earnings + revenue − expenses − dividends
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Interest Receivable
Inventory
Supplies
Prepaid Insurance
Prepaid Rent
Land
Equipment
Accumulated Depreciation - Equipment
Buildings
Accumulated Depreciation - Buildings
Copyright
Goodwill
Patent
Liabilities—creditors’ claims on the firm’s economic resources.
Notes Payable
Accounts Payable
Unearned Service Revenue
Salaries and Wages Payable
Interest Payable
Dividends Payable
Income Taxes Payable
Bonds Payable
Discount on Bonds Payable
Premium on Bonds Payable
Mortgage Payable
Owners’ equity—paid-in capital (common and preferred stock), retained earnings, and cumulative other comprehensive income.
OE = A - L
OE, Contributed Capital + Ending Retained Earnings
Ending RE = Beg RE + Rev - Exp - Divs
Common Stock
Paid-in Capital in Excess of Par Value - Common Stock
Preferred Stock
Paid-in Capital in Excess of Par Value - Preferred Stock
Treasury Stock - Common
Retained Earnings
Dividends
Income Summary
Revenues—sales, investment income, and gains.
Service Revenue
Sales Revenue
Sales Discounts
Sales Returns and Allowances
Interest Revenue
Gain on Disposal of Plant Assets
Expenses—cost of goods sold, selling and administrative expenses, depreciation, interest, taxes, and losses.
Administrative Expenses
Amortization Expense
Bad Debts Expense
Cost of Goods Sold
Depreciation Expense
Freight - Out
Income Tax Expense
Insurance Expense
Interest Expense
Loss on Disposal of Plant Assets
Maintenance and Repairs Expense
Rent Expense
Salaries and Wages Expense
Selling Expenses
Supplies Expense
Utilities Expense
