Chart of Accounts

B C D

of Accounts
Sheet1

mester, you will be using many different accounts. The basic ones you will use for Accounting Cycle are
y not include all). For each account, provide a description of how it is used, the account type, which
and how do we increase or decrease the account. This will be an excellent reference for you as we go ov
e. The first two have been done for you as an example.

Description Account Type Financial Statement

(Asset, Liability, (Income Statement, Balance
What is the account used to
Equity, Revenue Sheet, or Stmt of Retained
record?
or Expense) Earnings)
Used to record payments
Asset Balance Sheet
or receipts of cash
Record when we sell to
customers and receive Asset Balance Sheet
payment at a later date

on - Building*

on - Machinery*

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