Expense Accounts

• Cost of Goods Sold: costs of products sold to customers. 
• Salaries and Wages: payments to employees for services provided. 
• Rent: payments for the use of real property.
• Utilities: payments for heating, electric, and other utility services. 
• Office Expense: a broad category of expenses related to office administration. 
• Payroll Taxes: the employer’s share of Social Security, Medicare and unemployment taxes associated with salaries and wages. 
• Professional Fees: costs of services provided by outside advisors, such as attorneys and accountants. 
• Advertising: costs associated with the promotion of a firm’s products or services. 
• Phone: costs for telephone services. 
• Repairs and Maintenance: costs of repairs and maintenance to property and equipment. 
• Travel: costs for use of automobiles, other transportation, and lodging expenses associated with business travel. 
• Meals and Entertainment: costs of business related meals and entertainment. 
• Depreciation: the portion of a fixed asset’s original cost recognized in a specific accounting period.