Review the chart of accounts in Ch 2. In Excel, create a four column chart of accounts for a fictitious company in your pathway. The company should be a sole proprietor and a service business. In the upper left side of your worksheet list your name, your company name and your pathway.List at least 16 accounts. At least 6 account titles should be customized for your specific company or industry. Assign a three digit account number to your accounts following the example chart of accounts. Group the accounts, as in the example, as Assets, Liabilities, Owner’s Equity, Revenue and Expense. In the last two columns, state what the normal balance of the account is (debit or credit), and state how the account is increased (debit or credit). Your four columns should have the following titles: Account numberAccount titlenormal balanceincreases withThe row for cash could have the following information: 101 Cash Debit DebitExamples of businesses in pathways could be:

4 Column chart of account for a service company – Assets

Answered: Review the chart of accounts in Ch 2.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Review the chart of accounts in Ch 2. In Excel, create a four column chart of accounts for a fictitious company in your pathway. The company should be a sole proprietor and a service business. In the upper left side of your worksheet list your name, your company name and your pathway.

List at least 16 accounts.
At least 6 account titles should be customized for your specific company or industry.
Assign a three digit account number to your accounts following the example chart of accounts.
Group the accounts, as in the example, as Assets, Liabilities, Owner’s Equity, Revenue and Expense.
In the last two columns, state what the normal balance of the account is (debit or credit), and state how the account is increased (debit or credit).

Your four columns should have the following titles:

Account number
Account title
normal balance
increases with

The row for cash could have the following information:

101 Cash Debit Debit

Examples of businesses in pathways could be:

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