Homework Answers
| Balance sheet Accounts | |||||
| Assets | Liabilities | Equity | |||
| 100 | Cash | 200 | Accounts payable | 300 | Dividends |
| 110 | Automotive Supplies | 210 | Unearned revenue | 310 | Common stock |
| 120 | Equipment | 320 | Retained earnings | ||
| Income statement accounts | |||||
| Revenues | Expenses | ||||
| 400 | Service revenue | 500 | Utilites expense | ||
| 510 | Advertising expense |
Explanation:
The creation of chart of accounts by applying the standard numbering system is presented above, for assets it would start by 100, for liabilities by 200, for equity by 300, for revenue by 400 and expenses by 500. Also, as specified in the question the next item in the same type is represented by a difference in numbering of 10.
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