E-Commerce & Real Estate Business- Charts Of Accounts

1. Assets Accounts Account Number Account Name 1010 Cash on Hand 1011 Undeposited funds 1020 Accounts Receivable 1030 Inventory 1040 Prepaid Expenses 1050 Equipment Description Operating cash on hand for an online retailer Earned revenue but not deposited into your account Amounts owed to the business Value of unsold products in stock Advance payments for future expenses Office equipment and machinery Liability Accounts Liability accounts in the online retailer chart of accounts represent obligations or debts the business owes to external parties. These accounts track the sources of funds that the business has received or will need to repay in the future. Account Number Account Name 201 Accounts Payable 202 Loans Payable 203 Accrued Liabilities 204 Credit Card Payable Description Amounts owed by the business Outstanding loans and debts Unpaid expenses not yet recorded Outstanding credit card balances Equity Accounts Equity accounts reflect the owner’s investment in the e-commerce business and accumulated profits or losses over time. Account Number Account Name 301 Owner’s Equity 302 Retained Earnings 303 Common Stock Description Owner’s investment in the e-commerce business Accumulated profits or losses Shares of common stock issue Revenue Accounts These accounts record all sources of income generated by the online store, such as product sales, service fees, and subscription income. Account Number Account Name 401 Product Sales 402 Service Fees 403 Subscription Income 404 Shipping Revenue Description Revenue from product sales Income from service fees Income from subscription services Income from shipping charges

2. Expense Accounts Expense accounts in an online retailer chart of accounts cover all the costs incurred by the business, including marketing expenses, shipping costs, and office supplies. Account Number Account Name 501 Advertising Expenses 502 Cost of Goods Sold (COGS) 503 Marketing Expenses 504 Shipping Costs 505 Office Supplies Description Costs related to advertising Costs directly tied to product sales Marketing and promotional expenses Costs associated with shipping Expenses for office supplies