All prepayments are initially treated as assets and recorded at the full amount paid and adjusted at the end of each quarter The business uses the perpetual inventory system. Bree has set up the following chart of accounts for her business: Account number 1100 1120 1125 1130 1140 1150 1160 1170 1210 1215 1220 1225 2110 2120 2130 2140 2150 2160 3110 3120 4000 4110 4115 4120 5110 5115 5120 5130 5140 5150 5160 5170 5180 5190 Account title Cash at Bank Accounts Receivable Allowance for Doubtful Debts Office Supplies In Prepaid Rent GST Paid Accumulated ation ciation Com Accumulated Accounts Payable Accrued Ex Interest Payable PAYE Payable GST Collected Bank Loan Contributed Equit Retained Earnin Profit & Loss Su Sales Sales Returns&Allowances Discount Received Cost of Sales Interest Discount Allowed Rent Utilities Ex Salaries Expense Bad Debts Insurance Ex Office Supplies Ex