CODE CLASSIFICATION 101 Petty Cash Current Asset The amount of cash on hand to be used for miscellaneous and urgent expenses 102 Cash/Cash in Bank Current Asset Cash on hand/ Checking/savings account balance 103 Accounts Receivable Current Asset Amounts owed to Company for service rendered not yet paid 104 Accrued Income Current Asset Income already earned but not yet paid 105 Prepaid Expenses Current Asset Advance payment 106 Inventories Current Asset Product to be sold by the company 107 Office Supplies Current Asset Cost of office supplies that have not been used as of the cut-off period 108 Utilities Supplies Current Asset Cost of cleaning materials that have not been used as of the cut-off period 109 Medical Supplies Current Asset Cost of medical supplies that have not been used as of the cut-off period 110 Notes Receivable – Current Asset The current portion of amount owed to Company current supported by Promissory Note or any other written agreement 201 Land Noncurrent Asset Area owned for productive use
202 Building Noncurrent Asset Permanent structure used to conduct business
operations 202.5 Accumulated Noncurrent Asset Contra asset account used to accumulate all Depreciation - Building depreciation expenses of the building recognized to date. 203 Office Equipment & Noncurrent Asset Cost of acquired Office Equipment and Machineries Machineries 203A Accumulated Noncurrent Asset Contra asset account used to accumulate all Depreciation - Office depreciation expenses of the office equipment and Equipment & machineries recognized to date. Machineries 204 Office Furniture & Noncurrent Asset Cost of acquired Office Furniture & Fixture Fixture 204A Accumulated Noncurrent Asset Contra asset account used to accumulate all Depreciation - Office depreciation expenses of the office furniture & fixture Furniture & Fixture recognized to date. 205 Office Tools Noncurrent Asset Cost of acquired Office Tools 205A Accumulated Noncurrent Asset Amount of Office Tools' cost that has been allocated Depreciation - Office to Depreciation Expense since the time of acquisition Tools 206 Vehicle Noncurrent Asset A long-term asset that reports company’s cost of automobiles, trucks, car and other service vehicles. 207 Notes Receivable - Noncurrent Asset The noncurrent portion of amount owed to Company noncurrent supported by Promissory Note or any other written agreement 301 Accounts Payable Current Liability Amount owed to suppliers for goods and/or service provided to the Company which did not require immediate cash payment 302 Income Tax Payable Current Liability Amount owed to BIR for Income Tax 303 Unearned Revenue Current Liability Amounts received in advance from customer for provision of service in the future 304 Accrued Expense Current Liability Liabilities that have not yet paid but already incurred like water and light 305 Utilities Payable Current Liability Amount owed to suppliers for electricity, gas, water, cellphones and internet connection 306 Salaries Payable Current Liability Amount of salaries owed to employees 307 Interest Payable Current Liability Amount of interest from principal the company owed 308 Notes Payable - current Current Liability The current portion of amount owed by Company supported by Promissory Note or any other written agreement 401 Notes Payable - Noncurrent The noncurrent portion of amount owed by Company noncurrent Liability supported by Promissory Note or any other written agreement 402 Loan Payable Noncurrent Amount owed to third party liabilities 403 Mortgage Payable Noncurrent The liability of a property owner to pay a loan that is liabilities secured by property 501 Sia, Capital Equity Amount invested by owner 502 Sia, Withdrawals Equity Amount withdrawn by the owner from the business 503 Ordinary Share Capital Equity A share entitling its holder to dividends that vary in amount depending on the fortune of the company 504 Preference Share Capital Equity A share which entitles the holder to a fixed dividend, whose payment takes priority over that of common- stock dividends. 505 Share Premium Equity The difference between the par value and issue price 506 Retained Earnings Equity The profits that a company has earned (corporation) 601 Service Income Income Amount earned from service 602 Professional Income Income Income from profession 603 Sales Income Amount earned from product sold 604A Sales return and Income Is a contra account deducted from sales. It represents allowances returns of merchandise 604B Sales discount Income A reduction in the price of a product or services 605 Other Income Other Income Amount earned other than service income or product sold 606 Interest Income Other Income Amount earned as interest income from bank deposits and receivables from third party 607 Miscellaneous Income Other Income Amount earned which are immaterial and unusual from the normal course of business 608 Commission Income Other Income Amount received from share in sell of product 609 Referral Revenue Other Income Share on income for referring clients/customers. 701 Direct Cost Expense Direct cost on earning product to sell, or services to incurred 702 Purchases Expense Used in periodic inventory system to record purchases of merchandise 702A Purchase returns and Expense The amount of purchases returns allowances 702B Purchase discount Expense A reduction on the price from the company bought 703 Office Supplies Expense Expense Cost of office supplies that have been used during the accounting period 704 Salaries Expense Expense Salaries payment to employees 705 Utilities Supplies Expense Cost of cleaning materials that have been used during Expense the accounting period 706 Medical Supplies Expense Cost of medical supplies that have been used during Expense the accounting period 707 Heat, Light & Water Expense Cost of electricity & water consumed during the Expense accounting period 708 Phone & Internet Expense Cost of telephone, cellphone load and internet Expense consumed during the accounting period 709 Meals & Entertainment Expense Amount spent for buying meals and entertaining customers and/or employees. 710 Rent Expense Expense Cost of rental for the space used as gym facility 711 Interest Expense Expense Amount incurred as interest expense from loans and other payable from third party 712 Depreciation Expense - Expense Cost of Office Equipment & Machineries allocated to Office Equipment & expense during the accounting period Machineries 713 Depreciation Expense - Expense Cost of Office Furniture & Fixture allocated to expense Office Furniture & during the accounting period Fixture 714 Depreciation Expense - Expense Cost of Office Tools allocated to expense during the Office Tools accounting period 715 Transportation Expense Expense Amount spent for transportation including but not limited to vehicle fare, gas, toll and parking 716 Security Expense Expense Amount shared in the payment of security service for the whole building to third party 717 Repair & Maintenance Expense Cost of repair and maintenance of Office space, Office Expense Equipment & Machineries, Office Furniture & Fixture, Office Tools and other Company's assets during the accounting period 718 Renovation Expense Expense Cost of major renovation expense incurred during the accounting period 719 Advertising Expense Expense Cost incurred for advertisement and promotion of the business during the accounting period 720 Insurance Expense Expense Cost of insurance paid for the assets and/or employees of the Company 721 Permits & Licenses Expense Amount paid for acquiring permits and licenses for operating the business 722 Miscellaneous Expense Expense Amount incurred which are immaterial and unusual from the normal course of business 723 Income Tax Expense Expense Amount paid to BIR for Income Tax during the accounting period 724 Other Expense Other Expense Amount incurred which are material and unusual from the normal course of business