Accounting1

• Basic Chart of Account

  Different for every company
• Assets


  • Cash
  • Account Receivable
  • Notes Receivable
  • Supplies
  • Prepaid Expense
  • Inventory
• Cash


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Account Receivable


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Supplies


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Prepaid Expense


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Inventory


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• The account name can be shuffled, but cash should always be the first one
• Prepaid Expense


  • Prepaid Rent
  • Prepaid Insurance
  • Prepaid Advertising
• Land


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Building


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Accumulated Depreciation - Building

  • Increase on Credit
  • Decrease on Debit
  • Normal Credit
• Equipment


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Accumulated Depreciation - Equipment

  • Increase on Credit
  • Decrease on Debit
  • Normal Credit
• Patent


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Copyrights


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Liabilities


  • Account Payable
  • Unearned Revenue
  • Salaries Payable
  • Expenses Payable
  • Bank Loan
• Account Payable


  • Increase on Credit
  • Decrease on Debit
  • Normal Credit
• Unearned Revenue


  • Increase on Credit
  • Decrease on Debit
  • Normal Credit
• Salaries Payable


  • Increase on Credit
  • Decrease on Debit
  • Normal Credit
• Expenses Payable


  • Increase on Credit
  • Decrease on Debit
  • Normal Credit
• Bank Loan


  • Increase on Credit
  • Decrease on Debit
  • Normal Credit
• Expenses Payable


  • Utilities Payable
  • Interest Payable
• Equity


  • Share Capital-Ordinary
  • Retained Earnings
  • Dividends
• Share Capital-Ordinary


  • Increase on Credit
  • Decrease on Debit
  • Normal Credit
• Retained Earnings


  • Increase on Credit
  • Decrease on Debit
  • Normal Credit
• Dividends


  • Increase on Credit
  • Decrease on Debit
  • Normal Credit
• Revenue


  • Service or Sales Revenue
  • Sales Discounts
  • Sales Returns & Allowances
• Service or Sales Revenue

  • Increase on Credit
  • Decrease on Debit
  • Normal Credit
• Sales Discounts


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Sales Returns & Allowances

  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Expenses


  • Supplies Expense
  • Salaries Expense
  • Rent Expense
  • Utilities Expense
  • Depreciation Expense - Equipment
  • Depreciation Expense - Vehicle
  • Purchase
  • Purchase Discounts
  • Purchase Return & Allowances
• Supplies Expense


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Salaries Expense


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Rent Expense


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Utilities Expense


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Depreciation Expense - Equipment

  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Depreciation Expense - Vehicle

  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Purchase


  • Increase on Debit
  • Decrease on Credit
  • Normal Debit
• Purchase Discounts


  • Increase on Credit
  • Decrease on Debit
  • Normal Credit