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Double entry Accounting for company | USA | Account numbers
USA
Double-Entry Accounting
Business
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Starter Company
Basic Currency: USD
Double-entry
| Group | Account | Description | Sum In | Gr1 |
|---|---|---|---|---|
| BALANCE SHEET | ||||
| ASSETS | ||||
| 11200 | Bank Account USD | 12 | ||
| 11201 | Bank Account CAD | 12 | ||
| 11202 | Bank Account EUR | 12 | ||
| 11300 | Petty Cash | 12 | ||
| 120 | Accounts Receivable | 12 | 1 | |
| 12200 | Allowance for Bad Debts | 12 | ||
| 12400 | Accounts Receivable - Other | 12 | ||
| 12500 | Due from Shareholder | 12 | ||
| 12600 | Due from Employees | 12 | ||
| 12700 | Investments | 12 | ||
| 12800 | Income Taxes Recoverable | 12 | ||
| 12850 | Sales Taxes Recoverable | 12 | ||
| 13000 | Inventory | 12 | ||
| 14000 | Prepaid Expenses | 12 | ||
| 14100 | Prepaid Deposits | 12 | ||
| 12 | Total Current Assets | 100 | ||
| 15110 | Furniture and Equipment | 15 | ||
| 15120 | Furn. & Equip. - Acc. Am. | 15 | ||
| 15210 | Computer Equipment | 15 | ||
| 15220 | Computer Equip. - Acc. Am. | 15 | ||
| 15310 | Vehicle | 15 | ||
| 15320 | Vehicle - Acc. Am. | 15 | ||
| 15 | Total Long Term Assets | 100 | ||
| 100 | TOTAL ASSETS | 00 | 1 | |
| LIABILITIES & EQUITY | ||||
| LIABILITIES | ||||
| 220 | Accounts Payable | 22 | 1 | |
| 22200 | Accrued Liabilities | 22 | ||
| 22300 | Accounts Payable - Other | 22 | ||
| 22400 | Visa payable | 22 | ||
| 23500 | Sales tax payable | 22 | ||
| 23510 | Sales Tax automatic | 22 | ||
| 23800 | Accrued Payroll | 22 | ||
| 23900 | Source Deductions Payable | 22 | ||
| 24000 | Corporate Tax Payable - Fed. | 22 | ||
| 24100 | Corporate Tax Payable - Prov. | 22 | ||
| 25300 | Line of Credit | 22 | ||
| 25400 | Due to Shareholder | 22 | ||
| 25900 | Current Portion of Debt - ST | 22 | ||
| 22 | Total Current Liabilities | 2 | ||
| 26200 | Term Loan | 26 | ||
| 26300 | Current Portion of Debt - LT | 26 | ||
| 26 | Total Long Term Liabilities | 2 | ||
| 2 | Total Liabilities | 2-3 | ||
| EQUITY | ||||
| 31000 | Common Shares | 3 | ||
| 38000 | Retained Earnings | 3 | ||
| 3800 | (Profit)/Loss for the period | 3 | 1 | |
| 39000 | Dividends | 3 | ||
| 3 | Total Equity | 2-3 | ||
| 2-3 | TOTAL LIABILITIES & EQUITY | 00 | 1 | |
| INCOME STATEMENT | ||||
| REVENUE | ||||
| 41100 | Sales | 4 | ||
| 41900 | Other Income | 4 | ||
| 44000 | Exchange Gain/Loss | 4 | ||
| 4 | TOTAL REVENUE | L01 | 1 | |
| COST OF SALES | ||||
| 51100 | Inventory - Opening | 5 | ||
| 51200 | Purchases | 5 | ||
| 52000 | Freight | 5 | ||
| 52200 | Inventory - Closing | 5 | ||
| 52300 | Direct Materials | 5 | ||
| 52400 | Subcontractors | 5 | ||
| 55100 | Salaries and Wages | 5 | ||
| 55200 | CPP Expense | 5 | ||
| 55300 | EI Expense | 5 | ||
| 55400 | WSIB Expense | 5 | ||
| 55500 | Benefit Plan | 5 | ||
| 55600 | EHT Premiums | 5 | ||
| 5 | Total COST OF SALES | L01 | ||
| L01 | GROSS MARGIN | L02 | 1 | |
| EXPENSES | ||||
| 61050 | Accounting | 6 | ||
| 61100 | Advertising & Marketing | 6 | ||
| 61200 | Amortization | 6 | ||
| 61400 | Bad Debts | 6 | ||
| 61500 | Bank Charges & Interest | 6 | ||
| 61550 | Business Tax & Licences | 6 | ||
| 61600 | Courier | 6 | ||
| 61620 | Computing expenses | 6 | ||
| 61650 | Consulting Fees | 6 | ||
| 61700 | Dues & Subscriptions | 6 | ||
| 61800 | Education & Training | 6 | ||
| 61900 | Equipment Rental | 6 | ||
| 62000 | Insurance | 6 | ||
| 62100 | Interest on Debt | 6 | ||
| 62200 | Legal Fees | 6 | ||
| 62250 | Management Salaries | 6 | ||
| 62300 | Meals & Entertainment | 6 | ||
| 62400 | Miscellaneous | 6 | ||
| 62500 | Office Supplies | 6 | ||
| 62600 | Rent | 6 | ||
| 62700 | Repairs & Maintenance | 6 | ||
| 63100 | Supplies | 6 | ||
| 63200 | Telephone & Internet | 6 | ||
| 63300 | Travel & Parking | 6 | ||
| 63400 | Utilities | 6 | ||
| 63500 | Vehicle Expenses | 6 | ||
| 6 | Total EXPENSES | L02 | 1 | |
| L02 | Income Before Income Taxes | L03 | ||
| 90000 | Income Tax Provision | 9 | ||
| 9 | Total Income Taxes | L03 | 1 | |
| L03 | NET (INCOME)/LOSS | 3800 | 1 | |
| 00 | Total Debit/Credit Balance should be 0 | |||
| Customers/Debtors | ||||
| C0001 | Customer A | 120A | ||
| C0002 | Customer B | 120A | ||
| C0003 | Customer C | 120A | ||
| C0004 | Customer D | 120A | ||
| C0005 | Test client | 120A | ||
| C0006 | R J Sample Co | 120A | ||
| 120A | Total Customers | 120 | 1 | |
| Suppliers/Creditors | ||||
| S0001 | Supplier A | 220A | ||
| S0002 | Supplier B | 220A | ||
| S0003 | Supplier C | 220A | ||
| S0004 | Supplier D | 220A | ||
| S0005 | Supplier E | 220A | ||
| 220A | Total Suppliers | 220 | 1 | |
| Cost and profit centers | ||||
| Departments (CC1) | ||||
| .OTT | Department 1 | TDE | ||
| .TOR | Department 2 | TDE | ||
| TDE | Total Department Expenses | |||
| Projects (CC2) | ||||
| ,JOB1 | Project 1 | TPR | ||
| ,JOB2 | Project 2 | TPR | ||
| TPR | Total Projects | |||
| Other (CC3) | ||||
| ;OT-1 | Other 1 | TOT | ||
| ;OT-2 | Other 2 | TOT | ||
| TOT | Total Other | |||
| Segments | ||||
| : | Branch | TS1 | ||
| :01 | Ottawa | TS1 | ||
| :02 | Wancouver | TS1 | ||
| TS1 | Total Branch | |||
| :: | Sectors | TS2 | ||
| ::01 | Sales | TS2 | ||
| ::02 | Reasearch | TS2 | ||
| TS2 | Total sectors |