lOMoARcPSD|20001660 Accounting equation accounts summary acc101 accounting (German Jordanian University) Studocu is not sponsored or endorsed by any college or university Downloaded by Abdalrahman Sonbol (abood.sonbol@gmail.com) lOMoARcPSD|20001660 The following is a sample chart of accounts. It does not represent a comprehensive chart of all the accounts used in this textbook but rather those accounts that are commonly used. This sample chart of accounts is for a company that generates both service revenue as well as sales revenue. It uses the perpetual approach to inventory. If a periodic system was used, the following temporary accounts would be needed to record inventory purchases: Purchases, Freight-In, Purchase Returns and Allowances, and Purchase Discounts. CHART OF ACCOUNTS Assets Liabilities Equity Revenues Expenses Cash Notes Payable Share Capital— Preference Service Revenue Administrative Expenses Accounts Receivable Accounts Payable Allowance for Doubtful Accounts Interest Receivable Unearned Service Revenue Salaries and Wages Payable Interest Payable Sales Revenue Share Capital— Ordinary Sales Discounts Share Premium— Preference Sales Returns and Allowances Share Premium— Ordinary Interest Revenue Amortization Expense Bad Debt Expense Cost of Goods Sold Inventory Dividends Payable Retained Earnings Supplies Income Taxes Payable Treasury Shares Gain on Disposal of Plant Assets Depreciation Expense Freight-Out Prepaid Insurance Dividends Income Tax Expense Income Summary Insurance Expense Bonds Payable Land Mortgage Payable Equipment Interest Expense Accumulated Depreciation— Equipment Loss on Disposal of Plant Assets Maintenance and Repairs Expense Buildings Rent Expense Accumulated Depreciation— Buildings Salaries and Wages Expense Copyrights Selling Expenses Goodwill Supplies Expense Patents Utilities Expense Downloaded by Abdalrahman Sonbol (abood.sonbol@gmail.com)
