Monet Paints Co. is a newly organized business with a list of accounts arranged in alphabetical order,
Question:
Monet Paints Co. is a newly organized business with a list of accounts arranged in alphabetical order, as follows:
Assign account numbers and specify whether each account would appear on the balance sheet or income statement, as illustrated below. Each account number is three digits: the first digit is to indicate the major classification (1 for assets, and so on); the second digit is to indicate the sub classification (11 for current assets, and so on); and the third digit is to identify the specific account (110 for Cash, 112 for Accounts Receivable, 114 for Merchandise Inventory, 115 for Store Supplies, and so on).
Note: If an account would not appear on either the Balance Sheet or the Income Statement, select "N/A".
Account | Financial Statement | Major Classification | Possible Account Number |
Accounts Payable | |||
Accounts Receivable | |||
Accumulated Depreciation—Office Equipment | |||
Accumulated Depreciation—Store Equipment | |||
Advertising Expense | |||
Cash | |||
Cost of Merchandise Sold | |||
Customer Refunds Payable | |||
Delivery Expense | |||
Depreciation Expense—Office Equipment | |||
Depreciation Expense—Store Equipment | |||
Estimated Returns Inventory | |||
Insurance Expense | |||
Interest Expense | |||
Kailey Garner, Capital | |||
Kailey Garner, Drawing | |||
Land | |||
Merchandise Inventory | |||
Miscellaneous Administrative Expense | |||
Miscellaneous Selling Expense | |||
Notes Payable | |||
Office Equipment | |||
Office Salaries Expense | |||
Office Supplies | |||
Office Supplies Expense | |||
Prepaid Insurance | |||
Rent Expense | |||
Salaries Payable | |||
Sales | |||
Sales Salaries Expense | |||
Store Equipment | |||
Store Supplies | |||
Store Supplies Expense |
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger