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The purpose of the chart of accounts is so that the correct account is used within the accounting system of a business. Certain businesses may have different names for cash, capital, and other accounts.
chart of account is a chart
asset
Other Debtors account
On a chart of accounts mostly.
EIC is a payroll liability account, just like your other p/r liabilities.
It is a cost account because it is in the cost of merchandise division in the chart of accounts.
Another account will receive a "credit" entry, meaning the amount will be (You can refer to the company's chart of accounts to select the proper accounts}.
assets liability owners' equity income expense account
Sales
yes
yes