Accounts in Accounting

It includes money and any medium of exchange acceptable by bank for deposit such as bills, coins, funds for current purposes, checks, cash in bank, etc.

• Cash

• Accounts Receivables

• Notes Payable

• Utilities Expense

These are economic obligations, debts or payables of the business.

• Assets

• Liabilities

• Owner's Equity

It is due from customer evidenced by a written promise to pay a definite sum of money for a specified period of time.

• Accounts Receivable

• Notes Receivable

• Accounts Payable

• Notes Payable

This account is an example of a liability account that serves as an evidence through written promised to pay a specific amount of money in the future.

• Notes Payable

• Notes Receivable

• Accounts Payable

• Accounts Receivable

It refers to the initial and additional contributions of owner/s (investments),

• Cash

• Capital

• Drawing

These are the withdrawals made by owner/s (dividends for corporations)

• Capital

• Income

• Drawings

• Prepaid Expenses

These are the costs of promoting the business such as those incurred in newspaper publications, television and radio broadcasts, billboards, flyers, etc.

• Delivery Expense

• Advertising Expense

• Insurance Expense

• Rent Expense

It refers to the cost paid or to be paid to a lessor for the right to use a commercial property such as an office space, a storeroom, a building, etc.

• Insurance Expense

• Repairs and Maintenance Expense

• Rent Expense

• Bank Service charge

It refers to the costs of materials used by the business.

• Supplies Expense

• Salaries Expense

• Training and Development Expense

• Utilities Expense

It refers to the amount of money that part of the earnings of the company.

• Capital

• Drawings

• Income