ACCOUNTS TITLE

Refers to amounts that your business owes or expenses you may have incurred but have not yet paid.

• ASSETS

• LIABILITIES

• INCOME

• EXPENSE

Refers to amount of money your company earns from selling its products or services.

• ASSETS

• EQUITY

• EXPENSE

• INCOME

Receivables supported by oral or informal promises to pay.

• Notes Receivables

• Oral Receivables

• Account Receivables

• Cash

Consist of various assets such as machineries, transportation, office, computer, furniture and fixtures.

• Land

• Equipment

• Building

• Supplies

Represents the goods that are held for sale by a business.

• Prepaid Supplies

• Prepaid Rent

• Prepaid Insurance

• Inventory

Obligations supported by written or formal promises to pay by the debtor in the form of promissory notes.

• Accounts Payable

• Notes Payable

• Salaries Payable

• Utilities Payable

This account is used to record the temporary withdrawals of the owner during the period.

• Capital

• Revenue

• Drawings or Withdrawal

• Expenses

Sellers’ cost of delivering goods to customers.

• Utilities Expense

• Freight Out

• Miscellaneous Expense

• Transportation Expense

Represents the value of inventories that have been sold during the accounting period.

• Interest Expense

• Depreciation Expense

• Bad Debt Expense

• Cost of Goods sold

Revenues earned from the sale of goods.

• Service Fees

• Sales

• Interest Income

• Gains