Sample Chart of Accounts

ACCOUNT ACCOUNT TITLE ELEMENTS/ DESCRIPTION

CODE CLASSIFICATION
101 Petty Cash Current Asset The amount of cash on hand to be used for
miscellaneous and urgent expenses
102 Cash/Cash in Bank Current Asset Cash on hand/ Checking/savings account balance
103 Accounts Receivable Current Asset Amounts owed to Company for service rendered not
yet paid
104 Accrued Income Current Asset Income already earned but not yet paid
105 Prepaid Expenses Current Asset Advance payment
106 Inventories Current Asset Product to be sold by the company
107 Office Supplies Current Asset Cost of office supplies that have not been used as of
the cut-off period
108 Utilities Supplies Current Asset Cost of cleaning materials that have not been used as
of the cut-off period
109 Medical Supplies Current Asset Cost of medical supplies that have not been used as of
the cut-off period
110 Notes Receivable – Current Asset The current portion of amount owed to Company
current supported by Promissory Note or any other written
agreement
201 Land Noncurrent Asset Area owned for productive use

202 Building Noncurrent Asset Permanent structure used to conduct business

operations
202.5 Accumulated Noncurrent Asset Contra asset account used to accumulate all
Depreciation - Building depreciation expenses of the building recognized to
date.
203 Office Equipment & Noncurrent Asset Cost of acquired Office Equipment and Machineries
Machineries
203A Accumulated Noncurrent Asset Contra asset account used to accumulate all
Depreciation - Office depreciation expenses of the office equipment and
Equipment & machineries recognized to date.
Machineries
204 Office Furniture & Noncurrent Asset Cost of acquired Office Furniture & Fixture
Fixture
204A Accumulated Noncurrent Asset Contra asset account used to accumulate all
Depreciation - Office depreciation expenses of the office furniture & fixture
Furniture & Fixture recognized to date.
205 Office Tools Noncurrent Asset Cost of acquired Office Tools
205A Accumulated Noncurrent Asset Amount of Office Tools' cost that has been allocated
Depreciation - Office to Depreciation Expense since the time of acquisition
Tools
206 Vehicle Noncurrent Asset A long-term asset that reports company’s cost of
automobiles, trucks, car and other service vehicles.
207 Notes Receivable - Noncurrent Asset The noncurrent portion of amount owed to Company
noncurrent supported by Promissory Note or any other written
agreement
301 Accounts Payable Current Liability Amount owed to suppliers for goods and/or service
 provided to the Company which did not require
immediate cash payment
302 Income Tax Payable Current Liability Amount owed to BIR for Income Tax
303 Unearned Revenue Current Liability Amounts received in advance from customer for
provision of service in the future
304 Accrued Expense Current Liability Liabilities that have not yet paid but already incurred
like water and light
305 Utilities Payable Current Liability Amount owed to suppliers for electricity, gas, water,
cellphones and internet connection
306 Salaries Payable Current Liability Amount of salaries owed to employees
307 Interest Payable Current Liability Amount of interest from principal the company owed
308 Notes Payable - current Current Liability The current portion of amount owed by Company
supported by Promissory Note or any other written
agreement
401 Notes Payable - Noncurrent The noncurrent portion of amount owed by Company
noncurrent Liability supported by Promissory Note or any other written
agreement
402 Loan Payable Noncurrent Amount ow
liabilities
403 Mortgage Payable Noncurrent The liability of a property owner to pay a loan that is
liabilities secured by property
501 Sia, Capital Equity Amount invested by owner
502 Sia, Withdrawals Equity Amount withdrawn by the owner from the business
503 Ordinary Share Capital Equity A share entitling its holder to dividends that vary in
amount depending on the fortune of the company
504 Preference Share Capital Equity A share which entitles the holder to a fixed dividend,
whose payment takes priority over that of common-
stock dividends.
505 Share Premium Equity The difference between the par value and issue price
506 Retained Earnings Equity The profits that a company has earned (corporation)
601 Service Income Income Amount earned from service
602 Professional Income Income Income from profession
603 Sales Income Amount earned from product sold
604A Sales return and Income Is a contra account deducted from sales. It represents
allowances returns of merchandise
604B Sales discount Income A reduction in the price of a product or services
605 Other Income Other Income Amount earned other than service income or product
sold
606 Interest Income Other Income Amount earned as interest income from bank deposits
and receivables from third party
607 Miscellaneous Income Other Income Amount earned which are immaterial and unusual
from the normal course of business
608 Commission Income Other Income Amount received from share in sell of product
609 Referral Revenue Other Income Share on income for referring clients/customers.
701 Direct Cost Expense Direct cost on earning product to sell, or services to
incurred
702 Purchases Expense Used in periodic inventory system to record purchases
of merchandise
702A Purchase returns and Expense The amount of purchases returns
allowances
702B Purchase discount Expense A reduction on the price from the company bought
703 Office Supplies Expense Expense Cost of office supplies that have been used during the
accounting period
704 Salaries Expense Expense Salaries payment to employees
705 Utilities Supplies Expense Cost of cleaning materials that have been used during
Expense the accounting period
706 Medical Supplies Expense Cost of medical supplies that have been used during
Expense the accounting period
707 Heat, Light & Water Expense Cost of electricity & water consumed during the
Expense accounting period
708 Phone & Internet Expense Cost of telephone, cellphone load and internet
Expense consumed during the accounting period
709 Meals & Entertainment Expense Amount spent for buying meals and entertaining
customers and/or employees.
710 Rent Expense Expense Cost of rental for the space used as gym facility
711 Interest Expense Expense Amount incurred as interest expense from loans and
other payable from third party
712 Depreciation Expense - Expense Cost of Office Equipment & Machineries allocated to
Office Equipment & expense during the accounting period
Machineries
713 Depreciation Expense - Expense Cost of Office Furniture & Fixture allocated to expense
Office Furniture & during the accounting period
Fixture
714 Depreciation Expense - Expense Cost of Office Tools allocated to expense during the
Office Tools accounting period
715 Transportation Expense Expense Amount spent for transportation including but not
limited to vehicle fare, gas, toll and parking
716 Security Expense Expense Amount shared in the payment of security service for
the whole building to third party
717 Repair & Maintenance Expense Cost of repair and maintenance of Office space, Office
Expense Equipment & Machineries, Office Furniture & Fixture,
Office Tools and other Company's assets during the
accounting period
718 Renovation Expense Expense Cost of major renovation expense incurred during the
accounting period
719 Advertising Expense Expense Cost incurred for advertisement and promotion of the
business during the accounting period
720 Insurance Expense Expense Cost of insurance paid for the assets and/or
employees of the Company
721 Permits & Licenses Expense Amount paid for acquiring permits and licenses for
operating the business
722 Miscellaneous Expense  Expense Amount incurred which are immaterial and unusual
from the normal course of business
723 Income Tax Expense Expense Amount paid to BIR for Income Tax during the
accounting period
724 Other Expense Other Expense Amount incurred which are material and unusual from
the normal course of business