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Chart of Accounts Monet Paints Co . is a newly organized business with a list of accounts arranged in alphabetical order, as follows: Assign account
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 order, as illustrated below. Each account number is three digits: the first digit is to indicate the major classification for assets, for example; the second digit is to indicate the subclassification for current assets, for example; and the third digit is to identify the specific account for Cash, for Accounts Receivable, for Merchandise Inventory, etc.
Balance Sheet Accounts Income Statement Accounts
Assets Revenues
Cash Sales
Accounts Receivable Costs and Expenses
Merchandise Inventory Cost of Merchandise Sold
Office Supplies Sales Salaries Expense
Prepaid Insurance Advertising Expense
Land Depreciation ExpenseStore Equipment
Store Equipment
Accumulated DepreciationStore Equipment Delivery Expense
Miscellaneous Selling Expense
Office Equipment Office Salaries Expense
Accumulated DepreciationOffice Equipment Rent Expense
Liabilities Depreciation ExpenseOffice Equipment
Accounts Payable Insurance Expense
Salaries Payable Office Supplies Expense
Unearned Rent Misc. Administrative Expense
Customer Refunds Payable Other Revenue
Notes Payable Rent Revenue
Owners Equity Other Expense
Kalley Garner, Capital Interest Expense
Kalley Garner, Drawing
Note: If an account would not appear on either the Balance Sheet or the Income Statement, select NA
Account Financial Statement Major Classification Possible Account Number
Accounts Payable
Accounts Receivable
Accumulated DepreciationOffice Equipment
Accumulated DepreciationStore Equipment
Advertising Expense
Cash
Cost of Merchandise Sold
Customer Refunds Payable
Delivery Expense
Depreciation ExpenseOffice Equipment
Depreciation ExpenseStore Equipment
Insurance Expense
Interest Expense
Kalley Garner, Capital
Kalley Garner, Drawing
Land
Merchandise Inventory
Miscellaneous Administrative Expense
Miscellaneous Selling Expense
Notes Payable
Office Equipment
Office Salaries Expense
Office Supplies
Office Supplies Expense
Prepaid Insurance
Rent Expense
Salaries Payable
Sales
Sales Salaries Expense
Store Equipment
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