ABM

Requirements:

1. Group the following accounts (chart of accounts listed below) if BALANCE SHEET ACCOUNTS or INCOME STATEMENT
ACCOUNTS

2. Group the Balance Sheet Accounts to ASSETS, LIABILITIES, and EQUITY

3. Group the Income Statement Accounts to INCOME AND EXPENSES

4. Understand each account.

5. What are the elements of a Statement of Financial Position?

6. What are the elements of an Income Statement?

7. Understand CURRENT ASSETS and NON-CURRENT ASSETS.

8. Understand CURRENT LIABILITIES and NON-CURRENT LIABILITIES.

CHART OF ACCOUNTS…
CASH SERVICE FEE COST OF SALES

ACCOUNTS RECEIVABLE SALES FREIGHT OUT

ALLOWANCE FOR BAD DEBTS INTEREST INCOME SALARIES EXPENSE

NOTES RECEIVABLES GAINS RENT EXPENSE

INVENTORY UTILITIES EXPENSE PREPAID SUPPLIES

ACCOUNTS PAYABLES PREPAID RENT SUPPLIES EXPENSE

PREPAID INSURANCE BAD DEBT EXPENSE NOTES PAYABLE

DEPRECIATION EXPENSE INTEREST PAYABLE LAND

BUILDING SALARIES PAYABLE ADVERTISING EXPENSE

INSURANCE EXPENSE DEPRECIATION EXPENSE ACCUMULATED DEPRECIATION – BUILDING

EQUIPMENT UNEARNED INCOME TAX AND INSURANCE EXPENSE

OWNER’S CAPITAL LOSSES ACCUMULAED DEPRECIATION – EQUIPMENT

INTEREST EXPENSE OWNER’S DRAWING TRANSPO AND TRAVEL EXPENSE

MISCELLANEOUS EXPENSE