Account ID Description Account Type Beginning Balance 111 Cash Cash 14000 112 Account Receivable Account Receivable 115 Inventory Inventory 10,000 117 Prepaid Insurance Other Current Assets 118 Prepaid Rent Other Current Assets 120 Equipment Fixed Assets 6,000 121 Acc. Dep.-Equipment Accumulated Depreciation 221 Accounts Payable Account Payable 225 Payroll Taxes Payable Other Current Liabilities 395 397 Capital Equity- Retained Earnings 30,000 Drawings Equity-get closed 400 Sales Revenue Income 401 Sales Discount Income 500 Purchases Cost of Purchase 501 Purchases Discount Cost of Purchase 601 Salaries expenses Expense 610 Payroll Taxes Expense Expense 615 Depreciation expenses Expense 618 Rent expense Expense 620 Miscellaneous expense Expense