Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The chart of accounts must be tailored to an organization's specific needs. Discuss how the chart of accounts for the following organizations would differ from
The chart of accounts must be tailored to an organization's specific needs. Discuss how the chart of accounts for the following organizations would differ from the one presented for S&S in Table 2-2. Picture is below.
a. university
b. bank
c. government unit (city or state)
d. manufacturing company
e. expansion of S&S to a chain of two stores
Table 2-2 shows the chart of accounts Ashton developed for S&S. Each account n is three digits long. The first digit represents the major account category urtber and indicates where TABLE 2-2 Sample Chart of Accounts for S&S ACCOUNT CODE 100-199 Current Assets ACCOUNT ACCOUNT NAME CODE 400-499 ACCOUNT NAME 102 103 Savings Account Petty Cash Equity Accounts Common Stock Retained Earnings en 500-599Revenues 125 130 Allowance for Doubtful Accounts Notes Receivable Cash Sales Credit Sales Sales Returns & Allowances 160 170 180 200-299 Prepaid Rent Prepaid Insurance Noncurrent Assets Land Interest Revenue Miscellaneous Revenue 530 Cost of Goods Sold Wages Expense 210 612 230 235 240 Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Payroll Tax Expense Rent Expense an 630 Expense Furniture & Fixtures Accumulated Depreciation-Furniture &Fixtures Other Assets ce Supplies Expense Bad Debt Expense ue is 640 650 701 702 703 710 250 n ExpensBuildings Depreciation Expense-Equipment Depreciation Expense-Furniture & Fixtures Income Tax Expense Liabilities Accounts Payable Wages Payable Employee Income Tax Payable FICA Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Accrued Interest Payable Other Liabilities 300-399 emo- 310 321 322 900-999 Summary Accounts 2 324 330 360 wing
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started