Prepare a chart of accounts for J. Padilla Barber Shop Directions: Prepare a chart of accounts for J. Padilla Barber Shop. Write youranswer s onseparate sheet of paper.Account CodeAccount TritlesPadilla, DrawvingsEquipmentAccounts PayableNotes PayableLandPrepaid ExpenseService RevenuePadilla, CapitalUtilitics ExpenseBuildingRent ExpenseCashSuppliesÁccounts ReceivableSalaries ExpenseInventory A chart of accounts is a listing of all accounts used by companies in theirfinancial records.Here are the five steps in preparing a basic chart of accounts:1.Make two columns.Prepare the assets, liabilities, equity, revenue, and expenses,respectively.List all assets, liabilities, equity, revenue, and expenses account in2.the first column.In the second column, choose an account code (this may varydepending on the company).In the third column, write the description of each account title.3.4.5.

Introduction: Income statement: All revenues and expenses are shown in Income statement. It tells…

Directions: Prepare a chart of accounts for J. Padilla Barber Shop. Write your answers on a separate sheet of paper. Account Code Account Titles Padilla, Drawvings Equipment Accounts Payable Notes Payable Land Prepaid Expense Service Revenue Padilla, Capital

Directions: Prepare a chart of accounts for J. Padilla Barber Shop. Write your answers on a separate sheet of paper. Account Code Account Titles Padilla, Drawvings Equipment Accounts Payable Notes Payable Land Prepaid Expense Service Revenue Padilla, Capital

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Prepare a chart of accounts for J. Padilla Barber Shop

A chart of accounts is a listing of all accounts used by companies in their
financial records.
Here are the five steps in preparing a basic chart of accounts:
1.
Make two columns.
Prepare the assets, liabilities, equity, revenue, and expenses,
respectively.
List all assets, liabilities, equity, revenue, and expenses account in
2.
the first column.
In the second column, choose an account code (this may vary
depending on the company).
In the third column, write the description of each account title.
3.
4.
5.

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