Do four column chart of accounts for a fictitious company The company should be a sole proprietor and a service business In the upper left side of your worksheet list your name, your company name and your pathway Describe of what the company does Your Chart of Accounts must include the following List at least 16 accounts At least 6 account titles should be customized for your specific company Assign a three digit account number to your accounts following the example chart of accounts Group and title the accounts, as in the example, as Assets, Liabilities, Owner's Equity, Revenue and Expense In the last two columns, state what the normal balance of the account is (debit or credit), and state how the account is increased (debit or credit) Your four columns should have the following titles Account number Account title normal balance increases with The example below is for the cash line Account number Account title Normal Balance increase with 101 Cash debit debit Examples of businesses that could be AHCD Dance, Theater, Film production, Social media, Graphics design or architecture business Business Accounting office, caterer, advertising firm, dry cleaner, restaurant, any business is acceptable Education K 12 tutoring, Child care, Charter schools Health Sciences Dr or Dentist office, PT office, Hospital, Insurance co, IMCT Engineering Co , Aviation maintenance, Aviation distribution, Supply Chain Management Public Safety Law office, PI, Equipment providers for the industry STEM Engineering Co , Vet Office, Computer Services co SGSHS Psychology office, Non profit agencies, Social Media Balance Sheet Accounts Income Statement Accounts 1 Assets 4 Revenue 11 Cash 41 Fees Earned 12 Accounts Receivable 5 Expenses 14 Supplies 51 Wages Expense 15 Prepaid Insurance 52 Supplies Expense 17 Land 53 Rent Expense 18 Office Equipment 54 Utilities Expense 2 Liabilities 59 Miscellaneous Expense 21 Accounts Payable 23 Unearned Rent 3 Owner's Equity 31 Chris Clark, Capital 32 Chris Clark, Drawing

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 28, 2024

Do four column chart of accounts for a fictitious company.The company should be a sole proprietor and a service business. In the upper left side

Do four column chart of accounts for afictitiouscompany.The company should be a sole proprietor and a service business. In the upper left side of your worksheet list your name, your company name and your pathway. Describe of what the company does.Your Chart of Accounts must include the following:

List at least 16 accounts.
At least 6 account titles should be customized for your specific company.
Assign a three digit account number to your accounts following the example chart of accounts.
Group and title the accounts, as in the example, as Assets, Liabilities, Owner's Equity, Revenue and Expense.
In the last two columns, state what the normal balance of the account is (debit or credit), and state how the account is increased (debit or credit).

Your four columns should have the following titles:

Account number
Account title
normal balance
increases with

The example below is for the cash line

Account number Account title Normal Balance increase with

101 Cash debit debit

Examples of businesses that could be:

AHCD: Dance, Theater, Film production, Social media, Graphics design or architecture business
Business:Accounting office, caterer, advertising firm, dry cleaner, restaurant, any business is acceptable
Education:K-12 tutoring, Child care, Charter schools
Health Sciences:Dr. or Dentist office, PT office, Hospital, Insurance co,
IMCT:Engineering Co., Aviation maintenance, Aviation distribution, Supply Chain Management
Public Safety:Law office, PI, Equipment providers for the industry
STEM:Engineering Co., Vet. Office, Computer Services co.
SGSHS:Psychology office, Non-profit agencies, Social Media

Balance Sheet Accounts Income Statement Accounts

1. Assets 4. Revenue

11 Cash 41 Fees Earned

12 Accounts Receivable 5. Expenses

14 Supplies 51 Wages Expense

15 Prepaid Insurance 52 Supplies Expense 17 Land 53 Rent Expense

18 Office Equipment 54 Utilities Expense 2. Liabilities 59 Miscellaneous Expense

21 Accounts Payable

23 Unearned Rent

3. Owner's Equity

31 Chris Clark, Capital

32 Chris Clark, Drawing