Try It
- Scenario
- Chart of Account Categories
- Chart of Accounts and Account Names
- Rules of Debits and Credits
Scenario
Jane Doe has recently opened an accounting firm. She is setting up her own accounting system and she knows that her first task is to create a chart of accounts for her business.
She first wrote down the five major account categoriesand then made a list of the accounts. Jane has been too busy to put them into the proper order under the correct account classification.
Chart of Account Categories
Chart of Account Categories text version | Open Chart of Account Categories in a new tab
Chart of Accounts and Account Names
Chart of Account and Account Names text version | Open Chart of Account and Account Names in a new tab
Rules of Debits and Credits
Which is the normal balance side of the following accounts?
AssetsDebit = LiabilitiesCredit + CapitalCredit + Revenue - Expense - Drawing