Asset Accounts Liability And Accounts Equity

Chart of Accounts
This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you.
Asset Accounts Liability Accounts Equity Accounts
Acct # Acct # Acct #
Cash 101 Notes Payable 201 Owner’s Capital 301
Accounts Receivable 102 Accounts Payable 202 Owner Draws 302
Prepaid Rent 103 Wages Payable 203
Office Furniture 104
Office Supplies 105
Accumulated Depreciation (contra asset) 106
Revenue Accounts
Acct #
Service Revenue 401
Expense Accounts
Acct #
Rent expense 501
Business License Expense 502
Insurance Expense 503
Repairs and Maintenance 504
Advertising Expense 506
Wages Expense 507
Utilities Expense 508
Depreciation Expense 509
Baking Supplies
Prepaid Rent
Prepaid Insurance
Baking Equipment
Office Supplies
Accounts Receivable
Accumulated Depreciation
Merchandise Inventory
Notes Payable
Accounts Payable
Wages Payable
Interest Payable
Common Stock
Bakery Sales
Merchandise Sales
Baking Supplies Expense
Rent Expense
Insurance Expense
Misc. Expense
Business License Expense
Advertising Expense
Wages Expense
Telephone Expense
Interest Expense
Depreciation Expense
Office Supplies Expense
Cost of Goods Sold
General Journal
A Company
General Journal Entries Journal Entry Tips
The debited account is recorded first, credited account recorded second.
Debits and credits must always equal!
Date Accounts Debit Credit There can be compound entries in which two accounts receive a debt to an equivalent credited amount to one account.
Be sure to use your chart of accounts (the first page of this workbook).
Each account you will record to is already listed and organized by classification of the account.
Total – 0 – 0 If Red, this means your debits and credits do not equal. Be sure to review for errors.
Ledger Accounts
Assets Liabilities Equity Revenue Expenses
Cash Notes Payable Owner’s Capital Service Revenue Rent Expense
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0
Accounts Rec. Accounts Payable Owner Draws Business License Expense
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 0 $ – 0
Prepaid Rent Wages Payable Insurance Expense
Posting to the ledger/t accounts
Don’t overthink it!
You are just posting each debit and credit from the journal entries to the account you identified in the entry.
These accounts are set to calculate your balances for you.
Please be careful not to delete the running totals as those will calculate the ending balance.
The ending balance will transfer to the Trial Balance sheet.
If you have posted all entries and your trial balance is not in balance (total debits = total credits),
$ – 0 $ – 0 $ – 0 $ – 0 this means that there is an error. $ – 0 $ – 0
$ – 0 $ – 0 $ – 0
Office Furniture Repairs & Maint.
$ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0
Office Supplies Advertising Expense
$ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0
Accumulated Depreciation Wages Expense
$ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0
Utilities Expense
$ – 0 $ – 0
$ – 0
Depreciation Expense
$ – 0 $ – 0
$ – 0
Trial Balance
Trial Balance
As of 03/31/20XX
Unadjusted trial balance
Account Debit Credit Trial Balance
Cash – 0 Balances from the t accounts will autofill your trial balance.
Accounts Receivable – 0 If total debits do not equal total credits in the trial balance, you know you have an error.
Prepaid Rent – 0 These are the balances that will be used to prepare the financial statements.
Office Furniture – 0 Be sure to implement feedback provided by your instructor for this Milestone One submission!
Office Supplies – 0
Accumulated Depreciation – 0
Notes Payable – 0
Accounts Payable – 0
Wages Payable – 0
Owner’s Capital – 0
Owner Draws – 0
Service Revenue – 0
Rent Expense – 0
Business License Expense – 0
Depreciation Expense – 0
Insurance Expense – 0
Repairs and Maintenance Expense – 0
Advertising Expense – 0
Wages Expense – 0
Utilities Expense – 0
Retained Earnings
Total: – 0 – 0
Debits should equal credits
Income Statement
A Company
Income Statement
For Month ending 3/31/20XX
Total Revenues $ – 0
Operating Expenses:
Total Operating Expenses: – 0
Net Income – 0
Statement of Stockholder Equity
Company Name
Statement of Owner’s Equity
Period Ending 03/31/20XX
Beginning Capital on 3/01/20XX $ – 0
Increases to capital
Net income/loss:
Owner Contributions
Subtotal: $ – 0
Decreases to capital
Owner Draws
Ending Equity as of 03/31/20XX $ – 0
Balance Sheet
A Company
Balance Sheet
As of March 31, 20XX
Assets Liabilities and Owners’ Equity
Current Assets: Current Liabilities:
Total Current Liabilities – 0
Long Term Liabilities:
Total Current Assets – 0 Total Long Term Liabilities: – 0
Total Liabilities: – 0
Owner’s Equity
Non-Current Assets:
Total Equity – 0
Total Non Current/Fixed Assets – 0
Total Assets: – 0 Total Liabilities & Equity – 0 <== Total Assets on the left should equal Liabilities + Owner’s Equity on the right.
Closing Entries
A Company
Closing Entries
Month ending 03/31/20XX
Date Accounts Debit Credit
Close revenues
Close Expenses
Close Income Summary
Close Dividends
– 0 – 0

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