Question : 223. Construct a chart of accounts, assigning account numbers and arranging : 1247141

 

223. Construct a chart of accounts, assigning account numbers and arranging the accounts in balance sheet and income statement order (“1” for assets, and so on).  Each account number is three digits.  Contra accounts should designated with a decimal of the account (100.1 for contra of account 100). Assets and liabilities should be in order of liquidity, expenses should be  in alphabetical order.  

Accounts Payable

Equipment

 

Accounts Receivable

Land

Salaries Payable

Accumulated Depr – Equip

Merchandise Inventory

Sales

Advertising Expense

Notes Payable

Sales Discounts

Capital Stock

Office Supplies

Sales Returns & Allowances

Cash

Prepaid Insurance

Supplies Expense

Cost of Merchandise Sold

Rent Expense

Freight Out

Depreciation Expense – Equip

Salaries Expense

Unearned Revenue

Dividends

 

Utilities Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

224. Journalize the following transactions for the Evans Company. 

1.

Sells merchandise for $645.  Cost of merchandise sold $375.

2.

Sells merchandise for $432 and accepts VISA as the form of payment.

 

Cost of merchandise sold $195.

3.

Sells merchandise on account for $670.  Cost of merchandise sold $438.

4.

Credit card fees paid for the month is $85.

 

 

 

Journal

P. 46

Date

Description

Debit

Credit