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CREATE YOUR OWN FORM OF “CHART OF ACCOUNTS”

CREATE YOUR OWN FORM OF “CHART OF ACCOUNTS”

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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CREATE YOUR OWN FORM OF “CHART OF ACCOUNTS”
The entries in the general journal are classified in the general ledger. All the account titles to be used in the recording process are assigned pages in the general ledger. Ledger accounts are listed in a chart of accounts. The chart of accounts is a listing of titles that are to be used for the accounting period, which is usually a calendar year or a fiscal year. Here is an example of a chart of account: Account Account Title Number Account Cash on Hand Account Title A1 Number A2 Cash in Bank D1 Service Income/Sales АЗ Accounts Receivable Office Supplies Expenses Depreciation Expense Rent Expense Light, Water, and Telephone E5 E1 АЗа Allowance for Bad Debts E2 A4a Supplies Inventory E3 A4 Merchandise Inventory E4 Office Equipment Accumulated Depreciation Office Equipment A5 Rent Expense Salaries Expense Bad Debts Expense A5a E6 E7 E8 Repair Expense B1 Accounts Payable Loans Payable Jose Hilario, Capital Jose Hilario, Drawings B2 C1 C2 The account titles and account numbers may vary depending on the nature, form, and size of the business. The general ledger has a table of contents with the names of accounts and their pages. EXAMPLE air of Accounts 61
Transcribed Image Text:The entries in the general journal are classified in the general ledger. All the account titles to be used in the recording process are assigned pages in the general ledger. Ledger accounts are listed in a chart of accounts. The chart of accounts is a listing of titles that are to be used for the accounting period, which is usually a calendar year or a fiscal year. Here is an example of a chart of account: Account Account Title Number Account Cash on Hand Account Title A1 Number A2 Cash in Bank D1 Service Income/Sales АЗ Accounts Receivable Office Supplies Expenses Depreciation Expense Rent Expense Light, Water, and Telephone E5 E1 АЗа Allowance for Bad Debts E2 A4a Supplies Inventory E3 A4 Merchandise Inventory E4 Office Equipment Accumulated Depreciation Office Equipment A5 Rent Expense Salaries Expense Bad Debts Expense A5a E6 E7 E8 Repair Expense B1 Accounts Payable Loans Payable Jose Hilario, Capital Jose Hilario, Drawings B2 C1 C2 The account titles and account numbers may vary depending on the nature, form, and size of the business. The general ledger has a table of contents with the names of accounts and their pages. EXAMPLE air of Accounts 61
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