Asset Titles

Cards (15)

  • 011 Cash on Hand
    • Coins, currency, and other cash equivalents owned by the business and not yet deposited in the bank
  • 012 Cash in Bank
    • Unwithdrawn deposits in the bank; Usually, the name of the bank is used as the account title.
  • 013 Notes Receivable
    • Amounts collectible from customers for goods sold and services rendered on credit or from others for loans granted; Such claims are evidenced by a promissory note.
  • 014 Interest Receivable
    • Interest earned on notes on hand which has not been received in cash
  • 015a Allowance for Bad Debts
    • This is a contra-asset account to provide for uncollectible amounts. It is deducted from Accounts Receivable to present the amount still collectible from debtors.
  • 016 Merchandise Inventory
    • Goods purchased by the business to be sold at a profit
  • 017 Supplies Unused
    • Miscellaneous supplies which have been bought for office use but are still unused as of the balance sheet date
  • 018 Prepaid Insurance
    • Already paid insurance premiums which are applicable in the future periods
  • 019 Furniture & Fixtures
    • It includes tables, chairs, showcases, counters, and other similar assets owned and used by the business in its operation.
  • 020 Equipment
    • It includes typewriters, calculators, cash registers, and other similar assets.
  • Delivery Equipment - includes assets used for transporting merchandise
  • 019a Accumulated Depreciation - Furniture & Fixtures
    022a Accumulated Depreciation - Building
    Accumulated Depreciation - It is a valuation account that reduces the total cost of the fixed asset.
  • 021 Land
    • Land owned by the business used for building sites and other business purposes
  • 022 Building
    • Buildings owned and used by the business in its operation
  • 015 Accounts Receivable
    • Claims from customers arising from goods sold or services rendered on credit