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SAMPLE CHART of ACCOUNTS ASSETS INCOME 1000 Cash

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SAMPLE CHART of ACCOUNTS ASSETS INCOME 1000 Cash SAMPLE CHART OF ACCOUNTS ASSETS INCOME 1000 Cash - Checking 4000 Sales 1020 Cash - Savings 4020 Sales - Other 1030 Cash - Merchant Card 1100 Accounts receivable EXPENSES 1150 Allowance for doubtful accounts 1200 Inventory 5000 Cost of goods sold 1320 Employee advances 5100 Freight charges 1360 Miscellaneous receivables 6000 Advertising 1380 Prepaid expenses 6020 Amortization 1700 Furniture & equipment 6050 Auto expense 1720 Autos 6070 Bad debt expense 1730 Building 6100 Bank charges 1740 Leasehold Improvements 6120 Computer expense 1750 Accumulated depreciation 6150 Contract labor 1780 Land 6170 Contributions 1800 Organization costs 6200 Depreciation 1850 Accumulated amortization 6220 Dues & licenses 1900 Deposits 6250 Insurance - general 6270 Insurance - health LIABILITIES 6300 Meals & entertainment 6320 Office supplies & expense 2000 Overdraft 6350 Parking & tolls 2100 Accounts payable 6370 Postage & delivery 2200 Notes payable - current portion 6400 Professional fees 2300 Credit card payable 6420 Rent 2400 Payroll taxes payable 6450 Repairs & maintenance 2500 Sales tax payable 6470 Salaries - officers 2600 Retirement plan payable 6500 Salaries - other 2700 Due to/from officer 6520 Taxes - payroll 2750 Miscellaneous liabilities 6550 Taxes - other 2800 Long-term debt 6570 Telephone 6600 Travel EQUITY 6620 Utilities 3100 Common stock OTHER INCOME & EXPENSES 3200 Paid-in capital 3300 Treasury stock 9000 Interest income 3400 Retained earnings 9050 Miscellaneous income 3500 Distributions 9100 Gain (loss) on sale of assets 9200 Interest expense CHART OF ACCOUNTS PAGE 1 of 6 Accounts will be arranged in the same sequence in which they appear in the financial statements, that is, asset accounts should be numbered first, followed by liability accounts, owner's equity accounts, revenue accounts and expense accounts as follows: 1000 - Asset Accounts 2000 - Liability Accounts 3000 - Owner's Equity Accounts 4000 - Sales or Revenue Accounts 5000 - Cost of Sales Accounts 6000 – Selling, General & Administrative Expense Accounts 9000 - Other Accounts ASSETS ACCOUNTS 1000 - Cash - Checking Includes all cash held in the operating bank account. All withdrawals by check and deposits are recorded here. The reported balances are supported by a bank reconciliations prepared monthly. 1020 – Cash - Savings Includes all cash held in the savings bank account. The reported balances are supported by a bank reconciliations prepared monthly. 1020 - Cash – Merchant Card Includes all cash receipts that have been collected by a merchant card company. 1100 - Accounts Receivable Short-term receivables generated from sales and other activities. 1150 - Allowance for Doubtful Accounts The estimated accrual for bad debts that will result from the current period's sales activities. 1200 - Inventory The cost assigned to goods on hand that have not yet been sold. 1380 - Prepaid Expenses The current portion of expenses paid by the company that cover future periods. 1700 - Furniture and Equipment Represents the company's original cost for the purchase of furniture and equipment. CHART OF ACCOUNTS PAGE 2 of 6 1720 - Vehicles Represents the company's original cost for the purchase of automobiles and trucks. 1730 - Buildings Represents the company's original cost for the purchase of buildings and structures. 1740 - Leasehold Improvements Represents the company's original cost for structural additions to leased (rented) premises. 1750 – Accumulated Depreciation The cumulative amount of depreciation expense recorded to date for all assets 1780 - Land Represents the company's original cost for the purchase of real estate holdings. This amount is not depreciable. 1810 – Organization Costs Represents the fees and expenses incurred in organizing the business. 1850 - Accumulated Amortization The cumulative amount of amortization expense recorded to date for all assets 1900 - Deposits Current deposits paid by the company for future services or acquisitions such as trade show deposits, deposits on an equipment purchase, etc. LIABILITY ACCOUNTS 2000 – Overdraft Represents a negative bank balance. 2100 - Accounts Payable Balances owed to others for goods, supplies and services purchased on open account. 2200 - Notes Payable – Current Portion Obligations in the form of written promissory notes that will mature within one year. 2300 – Credit Card Payable Balances owed on business credit cards for goods, supplies and services. 2400 - Payroll Taxes Payable Represents the amount of employee's payroll taxes withheld and employer's taxes due on employee’s payroll that have not yet been deposited. CHART OF ACCOUNTS PAGE 3 of 6 2500 – Sales Tax Payable The amount of sales tax charged and received for goods sold that have not yet been deposited. 2600 – Retirement Plan Payable Represents the amount of employee's retirement plan benefits that have not yet been deposited. 2700 – Due to Officer Represents amounts that officers have loaned to the business 2750 – Miscellaneous liabilities Represents miscellaneous other liabilities 2800 – Long-term debt Obligations in the form of written promissory notes that will not mature within one year. OWNERS' EQUITY ACCOUNTS 3100 - Common Stock Represents the amount of the par value for investments in common stock of the company. 3200 - Paid-in-Capital in Excess of Par Value Represents the excess amount paid for investment in common stock of the company over the stated par value amount. 3300 - Treasury Stock Represents the cost amount paid by the company to repurchase stock from shareholders. 3400 - Retained Earnings Represents the company's cumulative net profits and losses to date. 3500 - Distributions Represents the amount of distributions paid during the current period. SALES ACCOUNTS 4010 - Sales Represents the amount of sales during the current period. 4020 - Sales – Other Represents the amount of sales of an alternative product during the period. CHART OF ACCOUNTS PAGE 4 of 6 COST OF SALES EXPENSE ACCOUNTS 5000 - Cost of Goods Sold Represents the costs for materials used in the product. 5100 – Freight Represents freight charges that are charged when delivering the product to a customer SALES, GENERAL & ADMISTRATIVE EXPENSE ACCOUNTS 6000 - Advertising and Promotions This includes costs for camera and layout work, published advertisements, brochures and trade show expenses. 6020 - Amortization Represents the scheduled amount of amortization of intangible assets during the current period. 6050 – Auto Expense This includes costs for gasoline, maintenance, registration fees. This does not include principal or interest payments on auto loans. 6050 – Bad Debt Expense This includes amounts of bad debt written off in the current period 6100 - Bank Fees This includes amounts charge by banks to the company for processing financial transactions. This does not include interest expense items. 6120 – Computer Expense This includes fees for server maintenance, small computer equipment purchases and web- hosting 6150 – Contract Labor This includes fees to non-employee individuals or firms for advisory services to the company. 6170 – Contributions This includes charitable contributions 6200 - Depreciation Represents the estimated amount of deterioration and depreciation of capital assets during the current period. CHART OF ACCOUNTS PAGE 5 of 6 6220 - Dues and Licenses Includes amounts paid for membership in professional organizations and amounts paid for subscriptions to publications. Also includes amounts for business licenses and fees. 6250 – Insurance - General Represents the portion of insurance premiums paid for coverage of the current period for property, casualty and other business insurance. 6270 – Insurance - Health Includes the portion of health insurance premiums paid by the company. 6300 - Meals and Entertainment Includes the amounts paid to reimburse employee's for meals while traveling on company business and entertainment incurred while conducting business with business prospects and customers. 6320 – Office Supplies and Expense Includes the costs for office and production supplies and for tools and equipment type items that fall below the company's capitalization requirements. 6350 – Parking and Tolls Includes the costs for parking and tolls. Recorded separately since it is treated separately for tax purposes 6370 - Postage and Delivery Includes the amounts for postal costs and delivery costs such as, overnight services and messenger services. 6400 – Professional Fees This includes all fees paid for attorneys, appraisers, notaries, court costs, document recording fees and witnesses. Also includes costs to outside firms for auditing services and accounting advice. 6420 - Rent Includes leases payments for rental of the company's office and manufacturing space. 6450 - Repairs and Maintenance Includes amounts for repairs, cleaning and general maintenance of buildings, grounds and equipment. 6470 – Salaries - Officers Represents the gross amount paid to officers. CHART OF ACCOUNTS PAGE 6 of 6 6500 – Salaries - Other Represents the gross amount for labor costs. This is recorded separately due to being treated differently for tax purposes. 6520 – Taxes - Payroll Includes the employer's matching FICA contribution and unemployment taxes. 6550 - Taxes - Other Represents the estimated amount of property taxes on buildings, properties and furniture and equipment for the current period. 6570 - Telephone Includes the costs for monthly line fees and long-distance charges. 6600 - Travel Includes the amounts paid for employee's business travel, such as airfare, lodging, rental cars, etc. 6620 - Utilities Includes the costs for electricity, natural gas, water and sewer use. OTHER INCOME & EXPENSE ACCOUNTS 9000 - Interest Income Includes interest income from cash and security investments. 9050 - Miscellaneous Income Includes minor income items not classified in the revenue accounts. 9100 – Gain (Loss) on Sale of Assets Includes gain or loss from the sale of a fixed asset. 9200 - Interest Expense Represents interest expense incurred by the company for short-term and long-term debts. .
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