Heritage Home (Narrative Practice Set) to accompany Accounting Principles, 11th Edition

CHART OF ACCOUNTS

ASSETS

Current Assets

Cash

Petty Cash

Accounts Receivable

Allowance for Doubtful Accounts

Notes Receivable

Interest Receivable

Inventory

Supplies

Prepaid Insurance

Property, Plant and Equipment

Land

Buildings

Accumulated Depreciation-Buildings

Equipment

Accumulated Depreciation-Equipment

LIABILITIES

Current Liabilities

Notes Payable

Accounts Payable

Salaries and Wages Payable

FICA Taxes Payable

Federal Income Taxes Payable

Federal Unemployment Taxes Payable

State Unemployment Taxes Payable

Interest Payable

Long-term Debt

Mortgage Payable

OWNER'S EQUITY

Owner's Capital

Owner's Drawings

Income Summary

REVENUES

Sales Revenue

Sales Returns and Allowances

Sales Discounts

COST OF GOODS SOLD

Cost of Goods Sold

OPERATING EXPENSES

Advertising Expense

Bad Debts Expense

Service Charge Expense

Maintenance and Repairs Expense

Supplies Expense

Depreciation Expense

Insurance Expense

Salaries and Wages Expense

Payroll Tax Expense

Utilities Expense

Miscellaneous Expense

OTHER REVENUES AND GAINS

Gain on Disposal of Plant Assets

Interest Revenue

OTHER EXPENSES AND LOSSES

Interest Expense