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 $(1$ for assets, for example$)$; the second digit is to indicate the subclassification $(11$ for current assets, for example$)$; and the third digit is to identify the specific account $(110$ for Cash, $112$ for Accounts Receivable, $114$ for Merchandise Inventory, etc.$).$

Balance Sheet Accounts Income Statement Accounts

$100$ Assets $400$ Revenues

$110$ Cash $410$ Sales

$112$ Accounts Receivable $500$ Costs and Expenses

$115$ Merchandise Inventory $510$ Cost of Merchandise Sold

$117$ Office Supplies $520$ Sales Salaries Expense

$118$ Prepaid Insurance $521$ Advertising Expense

$120$ Land $522$ Depreciation Expense$$Store Equipment

$123$ Store Equipment

$124$ Accumulated Depreciation$$Store Equipment $523$ Delivery Expense

$529$ Miscellaneous Selling Expense

$125$ Office Equipment $530$ Office Salaries Expense

$126$ Accumulated Depreciation$$Office Equipment $531$ Rent Expense

$200$ Liabilities $532$ Depreciation Expense$$Office Equipment

$210$ Accounts Payable $533$ Insurance Expense

$211$ Salaries Payable $534$ Office Supplies Expense

$212$ Unearned Rent $539$ Misc. Administrative Expense

$213$ Customer Refunds Payable $600$ Other Revenue

$215$ Notes Payable $610$ Rent Revenue

$300$ Owner$$s Equity $700$ Other Expense

$310$ Kalley Garner, Capital $710$ Interest Expense

$311$ Kalley Garner, Drawing

Note: If an account would not appear on either the Balance Sheet or the Income Statement, select $"$N$/$A$".$

Account Financial Statement Major Classification Possible Account Number

Accounts Payable

Accounts Receivable

Accumulated Depreciation$$Office Equipment

Accumulated Depreciation$$Store Equipment

Advertising Expense

Cash

Cost of Merchandise Sold

Customer Refunds Payable

Delivery Expense

Depreciation Expense$$Office Equipment

Depreciation Expense$$Store 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