Preparing a chart of accounts and opening an account Lillian Deters owns a service business called Deters Duplicating, which uses the following accounts.

Instructions:

1. Prepare a chart of accounts similar to the one described in this chapter. Arrange expense accounts in alphabetical order. Use 3-digit account numbers and number the accounts within a division by 10s.

2. Two new accounts, Delivery Expense and Telephone Expense, are to be added to the chart of accounts prepared in Instruction

1. Assign account numbers to the two new accounts. 3. Using the forms in the Working Papers, open the Prepaid Insurance and the Postage Expense accounts