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