Journal entries Nominal Accounts/Temporary Accounts
Assets = Liabilities + Equity REVENUE
ASSETS - Rent Income
- Service Income
Current Assets
- Professional Fees
- Cash in bank
- Tuition and Fees
- Cash on hand
- Supplies
- Accounts Receivable EXPENSES
- Prepaid Rent
Cash Expense
Current Assets Credit - Salaries Expense
- Utilities Expense
- Allowance for Doubtful Accounts
- Rent Expense
- Allowance for bad debts
- Supplies Expense
- Insurance Expense
Non-current Assets
- Taxes and Fees
- Cash and Cash Equivalents
- Communication Fees
- Accounts Receivable
- Processing Fees
- Property, Plant and Equipment
- Gas and oil
- Land
- Building
Non-cash Expense
- Vehicles
- Bad Debts Expense
- Furniture and Fixtures
- Depreciation Expense
Non-currents Asset Credit – CONTRA ACCOUNT
Additional: Employees Benefits
- Accumulated Depreciation
Financial statements
Additional: Accrued Interest Income
Cash flow statement
LIABILITIES
Correcting errors of TB.
Current Liabilities
- Accounts Payable
- Notes Payable
- Loans Payable (short term/1 year)
- Accrued Expenses/ Accrued Interest
Expenses
- Unearned Revenues/Deferred Revenue
Non-current Liabilities
- Loans Payable (long-term)
- Mortgage Payable
EQUITY
Owner’s Capital (Credit)
Owner’s Withdrawals (Debit)
