Margie Henley is about to open a dry-cleaning shop. She has hired you to design a synoptic

Question:

Margie Henley is about to open a dry-cleaning shop. She has hired you to design a synoptic journal for her shop. It will definitely be a small business with a limited number of transactions that are not too complicated. After analyzing Margie’s company, you develop the following chart of accounts:
1. Cash
2. Equipment
4. Cleaning Revenue
6. Wage Expense
7. Supplies Expense
8. Miscellaneous Expense
Margie has asked you to provide her, as soon as possible, with a justifica- tion for your design of the parts of the synoptic journal. Be prepared to support the synoptic journal that you present to her. Label all headings of the journal in terms of debits and credits. What titles are missing from the chart of accounts?
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...