Question: A chart of accounts varies with each type of business
A chart of accounts varies with each type of business as well as each company. In a group, compare and contrast the accounts that would appear in Cole’s Real Estate Office, Sarah’s Clothing Emporium, Neal’s Grocery Store, and Tanner Plumbing Service. What accounts would appear in all companies? What accounts would be specific to each business?
Answer to relevant QuestionsIdentify the normal balance of the following accounts. Use “dr” for debit or “cr” for credit.–––– Sales–––– Sales Returns and Allowances–––– Sales Discounts–––– Credit Card ...Vanessa Company made sales using the following list prices and trade discounts. What amount should be recorded for each sale?1. List price of $640 and trade discount of 20 percent.2. List price of $740 and trade discount of ...Posting transactions to the general ledger and accounts receivable ledger.INSTRUCTIONS1. Open the general ledger accounts and accounts receivable ledger accounts indicated below.2. Post the entries from the general journal ...Posting transactions to the general ledger and accounts receivable ledger.GENERAL LEDGER ACCOUNTS101 Cash, $25,800 Dr. 451 Sales Returns and Allowances111 Accounts Receivable, $4,100 Dr. 452 Sales Discounts401 ...Record the following transactions of Alenikov Design Warehouse:DATE TRANSACTIONS2016March 8 Purchased merchandise on credit from Lovely Accessories, Invoice 1091, list price $5,000, trade discounts of 30% and 20%; terms ...
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