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Notes:
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Chart of accounts: (account types) 1. Dummy 2. A/P 3. A/R 4. Acc Dep 5. Capital 6. Cash 7. Cost of Sales 8. Equity – doesn’t close 9. Equity – gets closed 10. Equity – retained Earnings 11. Expenses 12. Fixed – assets 13. Income 14. Inventory 15. Long term liability 16. Other assets 17. Other current assets 18. Other current liabilities -Dep on a monthly “term” -Flat rate on rates Light bill: type – ex, show up – income stm. Buying trailers: type – inventory, show up – balance Reimbursing employees: type – payable, show up – balance Repaying loan: type – payable, show up – balance -Fork lift – starting 5000 fixed asset, starting 5000 A/P – 1st 500 – 4500, 2nd 500 – 4000 -Part ticket: 5 invoice 24 – 5 to Dep 1. Part ticket: -5 invoice 34 – 5 Rec -On payroll – round the state tax to .00 -Help out on finish payroll -Change pmt status to dep status Sample #’s – see notebook scan for more sample #’s - Assets: o Cash – 20,000 o A/R – 1,200 o Land – 55,000 o Building – 36,000 o Tools & Equipment – 12,000 o Total: 124,200 - Liabilities: o Notes Payable – 30,000 o A/P – 7,000 o Total: 37,000 - Equity: o Capital Stock – 80,000 o Retained Earnings – 7,200 o Total: 87,200 |