• Balances in balance sheet accounts are carried forward into the same account at the end of the year.• Balances in the P & L accounts are carried forward into different specified accounts.
Ex: Accounts in the GL00 COA• Profit and Loss Accounts – Sales Revenue – Sales Discount – Miscellaneous Revenue – Revenue Deductions – Gain or Loss on Sale of Assets – Customer Service Revenue – Customer Service Revenue Settlement – Labor
• Profit and Loss Accounts – Raw Material Consumption Expense – Finished Product Consumption Expense – Trading Good Consumption Expense – Semifinished Consumption Expense – Supplies Expense – Utilities Expense – Legal and Professional Expense – Rent Expense
• Profit and Loss Accounts – Insurance Expense-Liability – Payroll Expense-Office – Payroll Expense-Administrative – Sales Expense – Tax Expense-Property – Tax Expense-Income – Miscellaneous Expense – Labor Expense – Cost of Goods Sold Expense Account
• Profit and Loss Accounts – IT Expense Account – Production Order Variance Expense Account – Utilities (electricity and phone) – Mftg Output Settlement – Mftg Output Settlement Variance – Purchase Price Difference – Production Variance – Research and Development – Cost of Good Sold