Learn Accounting

Reference materials for the accounting cycle

Chart of Accounts

The chart of accounts is a list of all accounts used by a business, organized by type.

AssetsNormal Balance: Debit

1010Cash
Debit
1020Accounts Receivable
Debit
1030Office Supplies
Debit
1040Prepaid Rent
Debit
1050Prepaid Insurance
Debit
1060Merchandise Inventory
Debit
1070VAT Receivable
Debit
1510Equipment
Debit
1520Accumulated DepreciationContra
Credit

LiabilitiesNormal Balance: Credit

2010Accounts Payable
Credit
2020Unearned Revenue
Credit
2030Wages Payable
Credit
2040Interest Payable
Credit
2050VAT Payable
Credit
2510Notes Payable
Credit

EquityNormal Balance: Credit

3010Owner's Capital
Credit
3020Owner's Drawings
Debit
3030Income Summary
Credit

RevenueNormal Balance: Credit

4010Service Revenue
Credit
4020Sales Revenue
Credit
4030Sales Returns & AllowancesContra
Debit
4040Sales DiscountsContra
Debit

ExpensesNormal Balance: Debit

5000Cost of Goods Sold
Debit
5001Purchase Returns & AllowancesContra
Credit
5002Purchase DiscountsContra
Credit
5003Freight-In
Debit
5010Wages Expense
Debit
5020Rent Expense
Debit
5030Utilities Expense
Debit
5040Supplies Expense
Debit
5050Insurance Expense
Debit
5060Depreciation Expense
Debit
5070Interest Expense
Debit
5080Advertising Expense
Debit
5085Delivery Expense
Debit
5090Miscellaneous Expense
Debit