Construct a chart of accounts, assigning account numbers and arranging the accounts in balance sheet and income
Question:
Construct a chart of accounts, assigning account numbers and arranging the accounts in balance sheet and income statement order (“1” for assets, and so on). Each account number is three digits. Contra accounts should designate with a decimal of the account (100.1 for contra of account 100). Assets and liabilities should be in order of liquidity, expenses should be in alphabetical order.
Accounts Payable Equipment Supplies Expense
Accounts Receivable Land Salaries Payable
Accumulated Depr - Equip Merchandise Inventory Sales
Advertising Expense Notes Payable Sales Discounts
Capital Office Supplies Sales Returns & Allowances
Cash Utilities Expense Cost of Merchandise Sold
Unearned Revenue Depreciation Expense - Equip. Salaries Expense
Drawing, Owner Freight Out
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver