Real accounts, Nominal accounts, and Personal accounts examples of each type of account:
Real Accounts: Real accounts are accounts that represent tangible assets, such as property, plant, and equipment, and intangible assets, like goodwill. They also include liabilities. Real accounts have a perpetual nature, meaning they carry forward their balances from one accounting period to another.
1. Buildings
2. Land
3. Machinery
4. Vehicles
5. Furniture and Fixtures
6. Inventory
7. Accounts Receivable
8. Accumulated Depreciation
9. Notes Payable
10. Prepaid Rent
11. Patent (Intangible Asset)
12. Copyright (Intangible Asset)
13. Goodwill (Intangible Asset)
14. Accounts Payable
15. Mortgage Payable
16. Loan Payable
17. Accumulated Amortization
18. Leasehold Improvements
19. Computer Equipment
20. Equipment
Nominal Accounts: Nominal accounts are accounts that relate to income, expenses, gains, and losses. These accounts are closed at the end of each accounting period, and their balances are transferred to a permanent account called the retained earnings or owner's equity account.
1. Sales Revenue
2. Rent Income
3. Salary Expense
4. Advertising Expense
5. Interest Expense
6. Depreciation Expense
7. Cost of Goods Sold (COGS)
8. Insurance Expense
9. Utilities Expense
10. Rent Expense
11. Dividend Income
12. Gain on Sale of Assets
13. Loss on Sale of Assets
14. Interest Income
15. Commission Expense
16. Wages Expense
17. Bank Service Charges
18. Office Supplies Expense
19. Income Tax Expense
20. Entertainment Expense
Personal Accounts: Personal accounts are accounts that represent individuals, organizations, or entities with whom a business has financial transactions. They can be further categorized into two types: personal real accounts and personal nominal accounts.
Personal Real Accounts:
1. John Doe (Customer's Accounts Receivable)
2. XYZ Corporation (Supplier's Accounts Payable)
3. ABC Ltd. (Supplier's Accounts Payable)
4. Smith Family (Loan Receivable)
5. Johnson & Sons (Loan Payable)
Personal Nominal Accounts:
6. Mr. Brown (Commission Earned)
7. XYZ Corp (Rent Received)
8. ABC Ltd (Interest Income)
9. Johnson & Sons (Interest Expense)
10. Mrs. Taylor (Salary Paid)
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