Accounting Accounts

Mike Adams, Drawing

• No Account

• Cost of Merchandise

• Liability

• Owner's Equity

Amount owed to the state for sales tax collected

• Asset

• Cost of Merchandise

• Liability

• Owner's Equity

Merchandise Inventory

• Asset

• Cost of Merchandise

• Expense

• Owner's Equity

Net Worth of the business

• Asset

• Liability

• Expense

• Owner's Equity

Petty Cash

• Asset

• Liability

• Expense

• Revenue

Sales

• Asset

• Liability

• Expense

• Revenue

Purchases

• Cost of Merchandise

• Liability

• Expense

• Revenue

Net Income

• Cost of Merchandise

• Liability

• No Account

• Owner's Equity

Supplies Expense

• Cost of Merchandise

• Liability

• No Account

• Expense

value of insurance still in force for next fiscal period

• Cost of Merchandise

• Liability

• Asset

• Expense