Assignment: Building a Chart of Accounts (complete in EXCEL) Sample account numbering system Classifications: 1000-1999 Assets 1000-1099 1100-1199 1200-1299 2000-2999 Liabilities 2000-2099 2100-2199 3000-4999 Equity 3000-3999 4000-4999 5000-5999 Revenue 5000-5999 6000-7999 Expenses 6000-6999 7000-7999 8000-9999 Other 8000-8999 9000-9999 Classify the accounts in the lists below (abbreviations are fine). Sub-Classifications: Current Fixed (same as property, plant and equipment) Other (includes long term investments and intangibles) Current Long-term Paid-in Capital (includes capital and withdrawals) Retained Earnings (includes dividends declared) Revenue Cost of Goods Sold (cost of sales) Operating Expenses Other Income and Expenses Other Gains and Losses Go to the second worksheet and begin organizing your accounts under the appropriate headings. Establish a numbering order that falls in line with the number ranges given above. Complete the worksheet by identifying the normal balance (debit or credit) and on which financial statement each account would be reported. Classify Credit Liability Accounts Payable Classify Accounts Receivable Accumulated Depreciation, Computer Equip. Allowance for Doubtful Accounts Bad Debt Expense Cash Common Stock Computer Equipment Cost of Goods Sold Depreciation Ex, Computer Equip. Dividends Declared Dividends Payable Federal Withholding Taxes Payable FICA Payable Goodwill Interest Expense Interest Income Land Long-term Notes Payable Merchandise Inventory Mortgage Payable Paid-in-Capital in Excess of Par Patents Payroll Tax Expense Petty Cash Prepaid Rent Purchase Returns and Allowances Purchases Purchases Discounts Rent Expense Retained Earnings Salaries Payable Salary Expense Sales Sales Discounts Sales Returns and Allowances Sales Tax Payable Transportation-In Unearned Revenue Chart of Accounts Exercise Make sure to use all the account names from the instruction tab Account Number Account Name Assets Current 1010 Cash Fixed Other LIABILITIES Current Normal Financial Statement Balance Balance Sheet DR LIABILITIES Current Long-term EQUITY Contributed Retained Earnings Account Number Normal Account Name Financial Statement Balance REVENUE Sales Revenue EXPENSES Cost of Goods Sold Operating Expenses Chart of Accounts Instructions Worksheet Operating Expenses Other Income and Expenses