Question

Chart of Accounts Monet Paints Co. is a newly organized business with a list of accounts arranged in alphabetical order, as follows: Assign account numbers and specify whether each account would appear on the balance sheet or income statement order, as illustrated below. Each account number is three digits: the first digit is to indicate the major classification (1 for assets, for example); the second digit is to indicate the subclassification (11 for current assets, for example); and the third digit is to identify the specific account (110 for Cash, 112 for Accounts Receivable, 114 for Merchandise Inventory, etc.). Balance Sheet Accounts Income Statement Accounts 100 Assets 400 Revenues 110 Cash 410 Sales 112 Accounts Receivable 500 Costs and Expenses 115 Merchandise Inventory 510 Cost of Merchandise Sold 117 Office Supplies 520 Sales Salaries Expense 521 Advertising Expense 118 Prepaid Insurance 120 Land 522 Depreciation Expense-Store Equipment 123 Store Equipment 124 Accumulated Depreciation-Store Equipment 523 Delivery Expense 529 Miscellaneous Selling Expense 125 Office Equipment 530 Office Salaries Expense 126 Accumulated Depreciation Office Equipment Ret Expense 200 Liabilities 532 Depreciation Expense-Office Equipment 210 Accounts Payable 211 Salaries Payable 533 Insurance Expense 534 Office Supplies Expense 212 Unearned Rent 539 Misc. Administrative Expense 600 Other Revenue 213 Customer Refunds Payable 215 Notes Payable 610 Rent Revenue

Answer 1

Financial Statement Major Classification Account no. 112 Accounts Receivable Balance Sheet Asset Accumulated Depredation-Office Equipment Balance Sheet Asset Accumulated Depreciation-Store Equipment Balance Sheet Asset Advertising Expense Income Statement Expense Cash Balance Sheet Asset Cost of Merchandise Sold Income Statement Expense Customer Refunds Payable Balance Sheet Liablity Delivery Expense Income Statement Expense Depreciation Expense-Office Equipment Income Statement Expense Depreciation Expense-Store Equipment Income Statement Expense Insurance Expense Income Statement Expense Interest Expense Income Statement Expense Kelley Gam, Capital Balance Sheet Equity Kailey Garnen Drawing Balance Sheet Equity Land Balance Sheet Asset Merchandise Inventory Balance Sheet Asset Miscellaneous Adrninistrative Expense Income Statement Expense Miscellaneous Selling Expense Income Statement Expense Notes Payable Balance Sheet Liablity Office Equipment Balance Sheet Asset Office Salaries Expense Income Statement Expense Office Supplies Balance Sheet Asset Office Supplies Expense Income Statement Expense Prepaid Insurance Balance Sheet Asset Rent Expense Income Statement Expense Salaries Payable Balance Sheet Liablity Sales Income Statement Revenue Sales Salaries Expense Income Statement Expense Store Equipment Balance Sheet Asset Store Supplies Balance Sheet Asset Store Supplies Expense Income Statement Expense 126 124 521 110 510 216 523 522 532 533 541 311 312 120 115 539 529 215 125 530 117 534 118 531 211 410 520 123 127 525