ASSETS
Items that are completely consumed, sold, or converted into cash within one year or 12 months.
Current Assets
The amount owed to creditors or banks and other financial institutions for the amount borrowed normally for a longer period of time
Loans Payable
These are amounts withdrawn by the owner for personal use
Drawings
In general, this is the account title used for all types of income derived from the rendering of services.`
Service Income
This is the rental cost of the space occupied by the business
Rent Expense
The account title for money placed and set aside for small expenses
Petty Cash Fund
Amounts owed to suppliers for the purchase of goods & services
Accounts Payable
These are contributions of the owner to the business, either in cash or non-cash assets.
Capital
Refers to discounts given to buyers for early payment of merchandise purchased on account or payment within the discount t
Sales Discount
These are permits, licenses and other taxes paid to the government
Taxes and Licenses
These are goods/products that are kept in a warehouse for sale or unsold items in the store.
Merchandise Inventory
The amount received from the customer in advance either as a deposit or downpayment for goods or merchandise that has yet to be delivered by the company.
Unearned Income
This is a temporary account created at the end of the accounting period where accounts are temporarily closed.
Income & Expense Summary
This account is an inventoriable cost, which means that it will become part of the cost of the products/goods being purchased. These are expenses paid in the delivery of the goods being shouldered by the buyer
Freight In
These are the amortization costs of capitalized non-current assets over the estimated life of the assets
Depreciation Expense