Chart of Accounts
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Basic Chart of Accounts
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Throughout the semester, you will be using many different accounts.  The basic ones you will use for Accounting Cycle are included below (may not include all).  For each account, provide a description of how it is used, the account type, which financial statement, and how do we increase or decrease the account.  This will be an excellent reference for you as we go over the accounting cycle.  The first two have been done for you as an example.
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Normal balance = INCREASE side
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AccountDescriptionAccount TypeFinancial StatementDebit Credit  
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What is the account used to record? (Asset, Liability, Equity, Revenue or Expense)(Income Statement, Balance Sheet, or Stmt of Retained Earnings)(Increase or Decrease)(Increase or Decrease)
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CashUsed to record payments or receipts of cashAssetBalance SheetIncreaseDecrease
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Accounts ReceivableRecord when we sell to customers and receive payment at a later dateAssetBalance SheetIncreaseDecrease
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Office Supplies
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Prepaid Inurance
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Prepaid Rent
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Interest Receivable
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Notes Receivable
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Building
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Accumulated Depreciation - Building*
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Machinery
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Accumulated Depreciation - Machinery*
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Land
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Accounts Payable
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Unearned Revenue
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Wages Payable
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Salaries Payable
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Interest Payable
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Taxes Payable
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Notes Payable
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Common Stock
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Retained EarningsStatement of Retained Earnings and Balance Sheet
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Dividends*
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Service Revenue
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Interest Revenue
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Office Supplies Expense
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Rent Expense
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Depreciation Expense
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Insurance Expense
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Salaries Expense
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Wages Expense
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Interest Expense
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Utilities Expense
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* Contra Accounts
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