CHART OF ACCOUNTING PROCESS 2022

Running Head: ACCOUNTING PROCESS 1
Accounting Process
Name
Institution
Course
Tutor
Date

ACCOUNTING PROCESS 2
Table of Contents
Chart of Accounts........................................................................................................................3
Journal Entries.............................................................................................................................4
Subsidiary Ledgers................................................................................................................11
Trial Balance..............................................................................................................................13
Statement of Profit or Loss........................................................................................................14
Balance sheet.............................................................................................................................15
Comparison................................................................................................................................16
Ratios.........................................................................................................................................17
Report........................................................................................................................................17

ACCOUNTING PROCESS 3
Accounting Process
Chart of Accounts
Numbe
r
Account Element Current/NC
101 Cash Asset Current
112 Accounts Receivable Asset Current
115 Commissions Receivable Asset Current
120 Inventory Asset Current
125 Office Supplies Asset Current
127 GST Paid
130 Prepaid Insurance Asset Current
157 Equipment Asset Non-current
158 Accumulated Depreciation Asset Non-current
159 Sale of asset Asset Non-current
160 Warehouse Asset Non-current
161 Accumulated depreciation-
Warehouse
Asset Non-current
201 Accounts Payable Liability Current
211 GST Collected Liability Current
215 Interest payable Liability Current
270 Bank Loan Liability Non-current
301 P.Greta Capital Equity
306 P. Greta drawings Equity
350 Profit or loss summary Equity
401 Sales Income
412 Sales returns and
allowances
Income
415 Discount received Income
417 Commission revenue Income
416 Gain on sale of asset Income
510 Purchases Expense
512 Purchase returns and
allowances
Expense
516 Freight inwards Expense
627 Sales salaries expense Expense
711 Depreciation expense Expense
722 Insurance expense Expense
725 Discount allowed Expense
726 Interest expense Expense
727 Office salaries expense Expense
728 Office supplies expense Expense
729 Rent expense Expense
730 Bad debts expense Expense

ACCOUNTING PROCESS 4
Journal Entries
101 Cash
Debit Credit
Opening Balance 70785 Freight on inventory 8/12 356.4
Lowell Chairs 7/12 7920 Lee Importers 9/12 17820
Table Tops Ltd. 3960 Nordin office furniture 21780
Cash sales 10/12 30690 Rent Payment 12/12 1980
Payment Beautiful homes
13/12
3024 P. Greta cash withdrawal 15/12 1440
Payment from furniture
warehouse
6160 Office supplies 792
Cash sales 20/12 34650 Payment IKEAH 21/12 29700
Payment from Lowell chairs
21/12
8732 Payment to Lee Importers 23/12 27540
Cash sales 31/12 42174 Payment to Nodin 23/12 29368
Office supplies 28/12 396
Sales salaries 31/12 7740
Office Salaries 4680
Balance c/d 64,502.
60
208,
095
208,
095
112 Accounts Receivable
Debit Credit
Balance b/f 2574
0
Lowell Chairs 7/12 7920
InvoiceNo. 510- Furniture
Warehouse 3/12
6160 Table Tops Ltd. 3960
Invoice No. 511- Beautiful
Homes3/12
3564 Discount allowed Lowell Chairs 80
Invoice 512 Couch City 11/12 2574 Discount allowed Table Tops Ltd 40
Invoice 513 Lowell Chairs 11/12 1782 Credit Note- Beautiful Homes
9/12
540
Invoice 514 Furniture warehouse
22/12
3366 Payment Beautiful homes 13/12 3024
Invoice 515 Couch City 22/12 1584 Payment from furniture
warehouse
6160
Invoice 516 Tale Tops Ltd 25/12 6930 Payment from Lowell chairs
21/12
8732
Invoice 517 Beautiful Homes
25/12
1207
8
Discount allowed Lowell chairs
21/12
970