Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Create accounts to match the following Chart of Accounts. Edit the current earnings account. Account types are shown in brackets beside the account. CA) =

image text in transcribed

Create accounts to match the following Chart of Accounts. Edit the current earnings account. Account types are shown in brackets beside the account. CA) = Subgroup (S)= Subgroup total (H) = Heading (T) = Total (X) = Curr All other accounts (unmarked) are Group accounts. CHRIS'S WELDING Chart of Accounts 1000 CURRENT ASSETS (H) 1050 Test Balance 1080 Bank: Chequing Account 1100 Bank: Credit Card 1200 Accounts Receivable 1290 Welding Supplies 1390 TOTAL CURRENT ASSETS (T) 5000 EXPENSES (H) 5020 Advertising 5030 Bank and Credit 5040 Cleaning and Mai 5060 Hydro Expense 5220 Insurance Expense 5240 Interest Expense 5260 Telephone Expens 5270 Payroll Service Fe 5280 Welding Supplies 5590 TOTAL EXPENS 1400 CAPITAL ASSETS (H) 1420 Torches 1450 Computers 1480 Other Welding Equipment 1500 Vehicle 1550 Shop 1590 TOTAL CAPITAL ASSETS (T) 2000 CURRENT LIABILITIES (H) 2100 Bank Loan 2200 Accounts Payable 2250 Credit Card Payable 2650 HST Charged on Services (A) 2670 HST Paid on Purchases (A) 2750 HST Owing (Refund) (S) 2790 TOTAL CURRENT LIABILITIES (T) 2800 LONG TERM LIABILITIES (II) 2850 Mortgage Payable 2890 TOTAL LONG TERM LIABILITIES (T) 0 hp Create accounts to match the following Chart of Accounts. Edit the current earnings account. Account types are shown in brackets beside the account. CA) = Subgroup (S)= Subgroup total (H) = Heading (T) = Total (X) = Curr All other accounts (unmarked) are Group accounts. CHRIS'S WELDING Chart of Accounts 1000 CURRENT ASSETS (H) 1050 Test Balance 1080 Bank: Chequing Account 1100 Bank: Credit Card 1200 Accounts Receivable 1290 Welding Supplies 1390 TOTAL CURRENT ASSETS (T) 5000 EXPENSES (H) 5020 Advertising 5030 Bank and Credit 5040 Cleaning and Mai 5060 Hydro Expense 5220 Insurance Expense 5240 Interest Expense 5260 Telephone Expens 5270 Payroll Service Fe 5280 Welding Supplies 5590 TOTAL EXPENS 1400 CAPITAL ASSETS (H) 1420 Torches 1450 Computers 1480 Other Welding Equipment 1500 Vehicle 1550 Shop 1590 TOTAL CAPITAL ASSETS (T) 2000 CURRENT LIABILITIES (H) 2100 Bank Loan 2200 Accounts Payable 2250 Credit Card Payable 2650 HST Charged on Services (A) 2670 HST Paid on Purchases (A) 2750 HST Owing (Refund) (S) 2790 TOTAL CURRENT LIABILITIES (T) 2800 LONG TERM LIABILITIES (II) 2850 Mortgage Payable 2890 TOTAL LONG TERM LIABILITIES (T) 0 hp

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions