The chart of accounts must be tailored to an organizations 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. 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 Sample Chart of Accounts for S&S ACCOUNT CODE 400-499 400 410 ACCOUNT CODE 100-199 101 102 103 120 125 130 150 ACCOUNT NAME Equity Accounts Common Stock Retained Earnings 160 170 180 200-299 200 210 215 230 235 240 245 250 ACCOUNT NAME Current Assets Checking Account Savings Account Petty Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Inventory Supplies Prepaid Rent Prepaid Insurance Noncurrent Assets Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation Equipment Furniture & Fixtures Accumulated Depreciation Furniture & Fixtures Other Assets 500-599 501 502 510 511 520 530 600-799 600 611 612 613 620 630 640 650 701 702 703 710 Revenues Cash Sales Credit Sales Sales Returns & Allowances Sales Discounts Interest Revenue Miscellaneous Revenue Expenses Cost of Goods Sold Wages Expense Commissions Expense Payroll Tax Expense Rent Expense Insurance Expense Supplies Expense Bad Debt Expense Depreciation Expense-Buildings Depreciation Expense-Equipment Depreciation Expense-Furniture & Fixtures Income Tax Expense 300-399 300 310 321 322 323 324 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 900-999 910 Summary Accounts Income Summary 330 360