Assign account numbers and specify whether each account would appear on the balance sheet or income statement. Each account number is three digits: the first digit is to indicate the major classification (1 for assets, and so on); the se đigit is to indicate the subclassification (11 for current assets, and so on); and the third digit is to identify the specific account (110 for Cash, 112 for Accounts Receivable, 114 for Inventory, 115 for Estimated Returns Inventory, and so on Note: If an account would not appear on either the Balance Sheet or the Income Statement, select "N/A". Account Financial Statement Major Classification Possible Account Number Accounts Payable Balance Sheet Accounts Receivable Balance Sheet Accumulated Depreciation-Office Equipment Balance Sheet Accumulated Depreciation-Store Equipment Balance Sheet Advertising Expense Income Statement Cash Balance Sheet Common Stock Cost of Goods Sold Customer Refunds Payable Delivery Expense Depreciation Expense-Office Equipment Depreciation Expense-Store Equipment

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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What does each account fall under financial statement, major classification, and possible account number?

Chart of Accounts
Monet Paints Co. is a newly organized retail 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. Each account number is three digits: the first digit is to indicate the major classification (1 for assets, and so on); the second
digit is to indicate the subclassification (11 for current assets, and so on); and the third digit is to identify the specific account (110 for Cash, 112 for Accounts Receivable, 114 for Inventory, 115 for Estimated Returns Inventory, and so on).
Note: If an account would not appear on either the Balance Sheet or the Income Statement, select "N/A".
Account
Financial Statement
Major Classification
Possible Account Number
Accounts Payable
Balance Sheet
Accounts Receivable
Balance Sheet
Accumulated Depreciation-Office Equipment
Balance Sheet
Accumulated Depreciation-Store Equipment
Balance Sheet
Advertising Expense
Income Statement
Cash
Balance Sheet
Common Stock
Cost of Goods Sold
Customer Refunds Payable
Delivery Expense
Depreciation Expense-Office Equipment
Depreciation Expense-Store Equipment
Dividends
Estimated Returns Inventory
Insurance Expense
Interest Expense
Interest Revenue
Inventory
Land
Transcribed Image Text:Chart of Accounts Monet Paints Co. is a newly organized retail 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. Each account number is three digits: the first digit is to indicate the major classification (1 for assets, and so on); the second digit is to indicate the subclassification (11 for current assets, and so on); and the third digit is to identify the specific account (110 for Cash, 112 for Accounts Receivable, 114 for Inventory, 115 for Estimated Returns Inventory, and so on). Note: If an account would not appear on either the Balance Sheet or the Income Statement, select "N/A". Account Financial Statement Major Classification Possible Account Number Accounts Payable Balance Sheet Accounts Receivable Balance Sheet Accumulated Depreciation-Office Equipment Balance Sheet Accumulated Depreciation-Store Equipment Balance Sheet Advertising Expense Income Statement Cash Balance Sheet Common Stock Cost of Goods Sold Customer Refunds Payable Delivery Expense Depreciation Expense-Office Equipment Depreciation Expense-Store Equipment Dividends Estimated Returns Inventory Insurance Expense Interest Expense Interest Revenue Inventory Land
Miscellaneous Administrative Expense
Miscellaneous Selling Expense
Notes Payable
Office Equipment
Office Salaries Expense
Office Supplies
Office Supplies Expense
Prepaid Insurance
Rent Expense
Retained Earnings
Salaries Payable
Sales
Sales Salaries Expense
Store Equipment
Store Supplies
Store Supplies Expense
Transcribed Image Text:Miscellaneous Administrative Expense Miscellaneous Selling Expense Notes Payable Office Equipment Office Salaries Expense Office Supplies Office Supplies Expense Prepaid Insurance Rent Expense Retained Earnings Salaries Payable Sales Sales Salaries Expense Store Equipment Store Supplies Store Supplies Expense
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