Accounting - Asset Valuation, Profit Measurement & The

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00 1500 Furniture and Fixtures Date Ref. No. 00 Credit Chapter 4: Developing the General Ledger 41 1550 Equipment Date Ref. No. 00 Credit 2550 Loans Payable—Citizens Bank Date Ref. No. 00 3300 Capital Date Ref. No. 00 01010301 Ref. No. 00 6050 Rent Expense Date 1-1-05 1-1-05 Credit You can see that we added a beginning balance at the top of each of the general ledger accounts. 00. If you had closed the ledger for the month of January, your beginning balances for February would be January’s ending balances.

The costs of sales accounts are in the 4000 number range of a computerized accounting system with the income accounts because they directly impact sales. Purchases (4300) This account is where you record the cost of goods that you intend to sell. This account is directly related to the inventory account on the balance sheet. Chapter 8 takes a closer look at that relationship. Purchase Discounts (4310) This account is used to track any discounts you get from vendors. For example, a vendor may give you a 10 percent discount if you pay within 10 days rather than the allowed 30 days.

For example, your mortgage loan at State Bank would be Loans Payable-State Bank (2500). Your car loan at Citizens Bank would be Loans Payable-Citizens Bank (2550). Other Liabilities (2600) You can use this section for any miscellaneous debts that don’t fit in one of the other sections, but for which you do not want to set up a new account. Recording Equities The accounts that reflect the net worth of the business are the equity accounts. Essentially the accounts in the equity section of the balance sheet track the value of things owned by the shareholders.

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