Chart of Accounts Monet Paints Co. is a newly organized business with a list of
ID: 2448644 • Letter: C
Question
Chart of Accounts 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 subclassification (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).
Chart of Accounts 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 indicate the subclassification (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 In Financial Statement Major Classification Possible Account Number Account Accounts Payable Accounts Receivable Accumulated Depreciation-Office Equipment Accumulated Depreciation-Store Equipment Advertising Expense Cash Cost of Merchandise Sold Delivery Expense Depreciation Expense-Office Equipment Depreciation Expense-Store Equipment Income Summary Insurance Expense Interest Expense Kailey Garner, Capital Kailey Garner, Drawing Land Merchandise Inventory Miscellaneous Administrative Expense Miscellaneous Selling Expense Balance Sheet Income StatementExplanation / Answer
Account Financial Statement Major Classification Sub-classification Possible Account No Accounts Payable Balance Sheet 200 21 210 Accounts Receivable Balance Sheet 100 11 112 Accumulated Depreciation-Office equipment Balance Sheet 100 12 125 Accumulated Depreciation-Store equipment Balance Sheet 100 12 126 Advertising Expense Income Statement 500 55 555 Cash Balance Sheet 100 11 110 Cost Of Mercandise Sold Income Statement 500 51 519 Delivery Expense Income Statement 500 55 550 Depreciation Expense-Office equipment Income Statement 500 53 531 Depreciation Expense-Store equipment Income Statement 500 53 532 Income Summary Income Statement 400 41 419 Insurance Expense Income Statement 500 54 540 Interest Expense Income Statement 500 57 570 Kailey Garner -Capital Balance Sheet 300 31 310 Kailey Garner -Drawing Balance Sheet 300 31 311 Land Balance Sheet 100 12 120 Merchandise Inventory Balance Sheet 100 11 114 Miscellaneous Admin Expense Income Statement 500 54 549 Miscellaneous Selling Expense Income Statement 500 55 559 Notes payable Balance Sheet 200 23 230 Office Equipment Balance Sheet 100 12 121 Office Supplies Expense Income Statement 500 54 548 Office supplies Balance Sheet 100 11 115 Prepaid Insurance Balance Sheet 100 11 113 office Salaries expense Income Statement 500 54 541 Rent Expense Income Statement 500 54 542 Salaries Payable Balance Sheet 200 21 215 Sales Income Statement 400 41 410 Sales Salary expense Income Statement 500 55 551 Store Equipment Balance Sheet 100 12 122 Store Supplies Balance Sheet 100 11 111 Store Supplies Expense Income Statement 500 51 515