Asset Titles

• 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