Introduction to Financial Accounting



Financial Accounting: Quattro Paperless Office

Steven and Sussan

Chart of Accounts for September 2013

Asset Accounts

No.

Account Title

To Increase

101

Cash

Debit

102

Bank deposits

Debit

103

Scanners

Debit

104

DigitizeMe

Debit

105

Furniture and Equipment

Debit

Liabilities

110

Bank Overdraft

Credit

111

Accounts Payable

Credit

112

Payroll Tax Payable

Credit

113

Income Tax Payable

Credit

114

Long Term Loans

Credit

Owner's Equity Accounts

290

Share Capital

Credit

291

Dividends Paid

Credit

292

Retained Earnings

Credit

Operating Expense Accounts

500

Advertising

Debit

501

Salaries expense

Debit

502

Insurance

Debit

503

System Expense

Debit

504

Bill

Debit

505

Payroll

Debit

506

Other Payments

Debit

507

Office Expenses

Debit

508

Utilities 

Debit

Revenues

810

Interest Revenues

Credit

811

Sales/Revenue

Credit

812

Investment Income (interest/dividends)

Credit

Cost Of Goods Sold

820

Purchases

Debit

821

Other Direct Costs 

Debit

Steven and Susan

Revise the bank reconciliation for September 30th, 2013

Quattro Paperless Office

Bank Reconciliation

30-Sep-11

Balance as per Bank, Dec 31

33,600

Add: Deposit in Transit

2,000

Share Capital

120,000

Adjusted Bank Balance

155,600

 

 

Balance as per Books, Dec 31

99,319

Add

 

Interest Income from Bank

5,745

 

Note Receivable Collected by Bank

7,541

 

Interest Income from Note Receivable

2,000

 

Un-credited Deposits

41,695

 

 

56,981

Less

 

Bank Service Fee

500

 

Bank Collection Fee

200

 

 

700

Adjusted Book Balance

 

 

155,600

Steven and Susan

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