Exercise 3.8Preparing a chart of accounts.

The accounts that will be used by Dad & Sons Moving Company follow. Prepare a chart of accounts for the firm. Classify the accounts by type, arrange them in an appropriate order, and assign suitable account numbers.

Salaries Expense Prepaid Rent Fees Income Accounts Receivable Telephone Expense Nelson Sullivan, Capital Office Supplies Accounts Payable Cash Utilities Expense Office Equipment Nelson Sullivan, Drawing Objective 3-7