FAR Acc111

Account Elements and Line Items

Debit Credit
Assets Liability
Current Assets Current Liability
Cash and Cash Equivalents Trade and other Payables
Cash on Hand Advances from customers
Cash in Bank Customers’ deposit
Time Deposit Accounts Payable
Petty cash fund SSS premiums Payable
Trade and other receivables Accrued interest expense/Accrued
Expense
Claim Receivable Accounts Payable
Interest Receivable Notes Payable
Allowance for Doubtful accounts Interest Payable
Advances of employees Unearned Revenue
Accounts Receivable Current Portion of long-term payables
Accrued Interest Income Long-Term Liability
Inventories Mortgage Payable
Merchandising Inventory Bonds Payable
Finished Goods Equity
Work in process Drawing/Withdrawal
Raw Materials Capital
Supplies Inventory Income
Prepayments (Prepaid Expense) Service Income
Prepaid Insurance Sale of equipment
Supplies (used in office/store) Laundry income
Prepaid Interest Rent Income
Prepaid tax Sales
Prepaid Advertising Debit
Noncurrent Assets Expense
PPE General and Administrative Expense
Accumulated depreciation Depreciation
Refundable deposit Doubtful accounts
Furniture & Fixtures Rent Expense
Office equipment Salaries and Wages
Equipment Supplies Expense
Land
Intangibles Taxes & licenses
Patent Utilities Expense
Copyright Light & water expense
Goodwill Selling and Distribution Expense
Franchise Representation Expense
Investment Property Interest Expense
Land held for speculation Advertising Expense
Building Transportation Expense
Long-term Investment
Investment in shares of
Stocks/Bonds
Cash Surrender Value
Plant Expansion Fund
Sinking Fund
Other Assets
Refundable deposit
Rental Deposit