Century 21 Accounting

THE BUSINESS— Chart of Accounts DELGADO WEB SERVICES DELGADO WEB SERVICES Delgado Web Services is the business used in the chapters in Part 1 to illustrate the accounting concepts and procedures for a service business organized as a proprietorship. Delgado Web Services is owned by Michael Delgado. Mr. Delgado designs, maintains, and hosts websites for small businesses. GENERAL LEDGER Balance Sheet Accounts (100) ASSETS 110 120 130 140 150 160 Cash Petty Cash Accounts Receivable— Main Street Services Accounts Receivable— Valley Landscaping Supplies Prepaid Insurance Income Statement Accounts (400) REVENUE 410 (500) EXPENSES 510 520 530 540 (200) LIABILITIES 210 220 Accounts Payable—Canyon Office Supplies Accounts Payable— Mountain Graphic Arts Sales 550 560 570 Advertising Expense Cash Short and Over Communications Expense Equipment Rental Expense Insurance Expense Miscellaneous Expense Supplies Expense (300) OWNER'S EQUITY 310 320 330 Michael Delgado, Capital Michael Delgado, Drawing Income Summary MAREMA/SHUTTERSTOCK.COM JULIEN BASTIDE/SHUTTERSTOCK.COM The chart of accounts for Delgado Web Services is illustrated here for easy reference as you study the accounting cycle for a proprietorship in this textbook. Accounting for a Service Business Organized as a Proprietorship Part 1 3

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