Normal Balance of Accounts

In double entry bookkeeping each account has a normal balance. The normal balance for items on the left hand side of the equation is a debit and the normal balance for items on the right hand side of the equation is a credit.

Normal Balance of Accounts April 5th, 2018Team
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Chart of Accounts Numbering System

The general ledger structure is defined by a chart of accounts numbering logic. The predefined codes are typically three, five or seven digits long to allow for a business to grow and establish departments and divisions within its operation.

Chart of Accounts Numbering System March 8th, 2018Team
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Unbalanced Trial Balance Errors

A trial balance will not balance if there are errors in the double entry bookkeeping system, To help find and correct the unbalanced trial balance a number of different shortcut techniques can be applied.

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Closing Journal Entries

Closing journal entries are used to close the temporary accounts for the accounting period, and transfer the balances to the retained earnings account. The accounting closing entries are part of the accounting cycle.

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Adjusting Journal Entries – Common Examples

There are numerous types of adjusting journal entries, but among the most common usually encountered by a business are Interest expense accrual, payroll accrual, unearned revenue, and prepaid expenses journals.

Adjusting Journal Entries – Common Examples May 2nd, 2017Team
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Chart of Accounts for Small Business Template

The chart of accounts often abbreviated to COA, is the foundation of the double entry bookkeeping system for a small startup business. It is basically a listing of all the accounts found in the general ledger that the business will use to code each of its bookkeeping transactions. This small business chart of accounts template provides an example using some of the most commonly found account names.

Chart of Accounts for Small Business Template April 5th, 2018Team
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Sample Chart of Accounts Template

The charts of accounts often abbreviated to COA, is the foundation of the double entry bookkeeping system. It’s basically a listing of all the accounts found in the general ledger that the business will use to code each bookkeeping transaction. This sample chart of account provides an example using some of the most commonly found account names.

Sample Chart of Accounts Template March 7th, 2018Team
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Non Profit Chart of Accounts

A chart of accounts is a list of all the names of the accounts found in the general ledger with an account code allocated to it.

A not for profit chart of accounts differs from a normal business in that it is split into statement of financial position and statement of activities accounts. These are the equivalent of the balance sheet and income statement.

An interactive nonprofit chart of accounts sample is provided to help you produce your own non profit standard chart of accounts.

Non Profit Chart of Accounts November 6th, 2016Team
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Adjusting Entries

Adjusting entries are accounting journal entries that are to be made at the end of an accounting period. Adjusting entries are made to ensure that income and expenditure is allocated to the correct accounting period, this means that the accounting records are completed on an accruals basis and are in compliance with the matching principle.

Adjusting Entries November 6th, 2016Team
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Chart of Accounts Example

The Chart of Accounts Example Table below acts as a quick reference to show you an example of the Chart of Accounts format. It also shows you the main financial statement in which the account appears, the type of account, and a suggested account code.

Chart of Accounts Example November 6th, 2016Team
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Chart of Accounts Basics

A Chart of Accounts is a list of all the names of the accounts found in the General Ledger with an account code allocated to it. Chart of Accounts is sometimes abbreviated to COA.

Chart of Accounts Basics November 6th, 2016Team
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