Chart of Accounts Acct. Account Acct. Account Acct. Account No. Name No. Name No. Name 101 Cash 236 Unearned consulting 622 Salaries expense 106 Accounts receivable revenue 637 Insurance expense 126 Supplies 307 Common stock 640 Rent expense 128 Prepaid expense 318 Retained earnings 652 Supplies expense 167 Equipment 319 Dividends 690 Utilities expense 201 Accounts payable 403 Consulting revenue 406 Rental revenue General Ledger Cash Account No. 101 Date PR Debit Credit Balance Aug. 1 G1 3,000 3,000 2 G1 600 2,400 Note Payable Date Aug. 4 G1 31 G1 Account No. 240 PR Debit 1,200 400 Credit Balance 1,200 800 3 G1 500 1,900 15 G1 825 2,725 Common stock Account No. 307 17 G1 100 2,825 Date PR Debit Credit Balance 17 G1 125 2,700 Aug. 1 G 18,000 18,000 ences ledge Check 01 Which of the following statements are true about the chart of accounts? (You may select more than one answer. Single click the bo. with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Different companies use different charts of accounts based on individual company need. The chart of accounts contains the balance of all of the accounts in a ledger. 7 The chart of accounts should be ordered in a logical sequence based on type of account. The chart of accounts can be ordered in any sequence because they are not formal financial systems