Tom Jones is a sole proprietor that owns and manages a store that sells sports equipments.

Conduct research into firms$$ chart of account coding. Use the following information to design and complete a chart of accounts:

$1.$ Customers cannot use commercial credit cards, but Tom has in$-$house credit.

$2.$ Cash in the bank includes a checking account, savings account, change fund and petty cash fund.

$3.$ Tom pays for rent and insurance in advance.

$4.$ When Tom started the business he purchased land, a building used for the store, furniture and fixtures, and computer equipment. There have been no additional purchases.

$5.$ The are no short$-$term or long$-$term investments

$6.$ Tom issued a $90$ day note to a customer that could not pay the amount owed that was recorded in accounts receivable. There are no notes payable.

$7.$ Toms earns interest on both the checking account and the savings account.

$8.$ Tom has two employees that are paid hourly wages. The employees do not receive any benefits.

$9.$ Tom uses the perpetual inventory system.

$10.$ Tom uses the accrual basis of accounting to record transactions.