All definitions were found at:
All definitions were found at:
This is a partial listing of another sample chart of accounts. Note that each account is assigned a three-digit number followed by the account name. The first digit of the number signifies if it is an asset, liability, etc. For example, if the first digit is a "1" it is an asset, if the first digit is a "3" it is a revenue account, etc. The company decided to include a column to indicate whether a debit or credit will increase the amount in the account. This sample chart of accounts also includes a column containing a description of each account in order to assist in the selection of the most appropriate account.…
Walther. (2012). Principles of Accounting: Volume I (1st ed.). San Diego, CA: Bridgepoint Education, Inc. www.ashford.edu…
| Recorded as an expense and voucher payable by the general fund and are recorded as a revenue and receivable by the debt service fund…
A document that states the price and quantity of goods, but the buyer returned or did not receive the goods. It reduces the amount buyer has to pay. A document that records the withdrawal of cash or goods for personal/business use or the adding of extra capital into business A document that states the type When Credit Sales/ Credit purchase Who Seller to buyer…
should be measured as the change in debt minus the change in assets. Third, standard…
A company’s balance sheet includes both current and non-current assets. The current assets are defined as the total sum of:…
| Money decreed to be “legal tender” for the payment of debts is money backed by:Answer…
(g) Equals increase in assets less liabilities during the year, after adding distributions to owners and subtracting investments by owners. Comprehensive Income…
Acct # | Acct Title | W/P Ref | Last Years (Audited) | Current Years (Unaudited) | Dr. | Cr. | Audited | 10100 | Cash on Hand | | 1,987.28 | 2,275.23 | | | | 10200 | Regular Checking Account | | 198,116.52 | 532,125.92 | | | | 10300 | Payroll Checkiing Account | | | | | | | 10400 | Savings Account | | 3,044,958.13 | 3,670,599.15 | | | | 11000 | Accounts Receivable | | 16,410,902.71 | 49,780,259.98 | | | | 11400 | Other Recievables | | | 1,000,000.00 | | | | 11500 | Allowance for Doubt. Accts | | (1,262,819.88) | (1,254,009.75) | | | | 12000 | Inventory-Spotlight | | 18,825,205.24 | 67,424,527.50 | | | | 12300 | Reserve for Inventory Obsolescence | | (3,012,000.00) | (867,000.00) | | | | 14100 | Prepaid Insurance | | 743,314.38 | 3,374,213.78 | | | | 14200 | Prepaid Rent | | 200,000.00 | | | | | 14300 | Office Supplies | | 7,406.82 | 8,540.00 | | | | 14400 | Notes Receivable-Current | | | | | | | 14700 | Other Current Assets | | | | | | | 15000 | Land | | 117,000.00 | 117,000.00 | | | | 15100 | Building and Land Improvements | | 623,905.92 | 674,313.92 | | | | 15200 | Machinery, Equipment, Office Furniture | 433,217.10 | 2,929,097.13 | | | | 17000 | Accum. Depreciation | | (164,000.00) | (610,000.00) | | | | 19000 | Investments | | 612,691.08 | 2,038,780.39 | | | | 19900 | Other Noncurrent Assets | | 13,840.59 | 13,840.59 | | | | | Total Assets | | 36,793,725.89 | 128,834,563.84 | | | | 20000 | Accounts Payable | | 4,633,118.09 | 1,922,095.91 | | | | 23100 | Sales Tax Payable | | | | | | | 23200 | Wages Payable | | 29,470.32 | | | | | 23300 | FICA Employee…
assets, and shows value for equity and liabilities. Debit entries show positive value for assets…
Assets are resources owned by a business. Liabilities are the debts and obligations of the business. Liabilities represent claims of creditors on the assets of the business. Stockholders’ equity represents the claims of owners on the assets of the business. Stockholders’ equity is subdivided into two parts: common stock and retained earnings. The basic accounting equation is: Assets = Liabilities + Stockholders’ Equity (Wiley, Kimmel, Weygandt, & Kieso, 2011).…
Withholding Order signed this date. Any time the full amount of support ordered is not withheld, the obligor…
D. Only amounts paid to the employee for which the employee has not yet done the work.…
Bills payable Trade creditors Out standing expensesBills receivables Trade debtors Prepaid expenses Accrued incomes Income received in advance…
An asset is a resource that has a potential future economic (i.e. generate future cash inflows or reduce future cash outflows).…