Account Titles

1. Obligation to pay for goods and services already used in the operation of the business such as salaries payable, utilities payable, rent payable, and interest payable.

The account reports the balances of bank savings and checking accounts as well as bills, coins, and checks on hand.

1. The cost of unsold merchandise that the company purchased for the purpose of reselling to its customer in the normal course of its business.

1. Long-term assets that are used in the operations of the company.

1. Obligations to the suppliers of purchased materials

1. Obligation to pay is documented in a promissory note

1. It is composed of the owner’s investments and the accumulated net income of the company, net of any distributions to the owner.

1. Advance payments made by customers while goods and services are not yet delivered to the customers.

1. Assets that pertain to the company’s rights to collect or rights to claim payment.

1. Asset account that refers to future expenses paid in advance before services or goods are used.