The following are the account titles used by ABM Co.: АВМ, Саapital ABM, Drawing Accrued Interest Payable Accrued Utilities Payable Accounts Receivable Accounts Payable Cash Loan Payable Mortgage Payable Notes Receivable Prepaid Rent Rent Expense Salaries Expense Service Revenue 13 Interest Expense Interest Income Unused Supplies Used Supplies Prepaid Insurance Insurance Expense Required: Prepare the chart of accounts using two digits number.

The following are the account titles used by ABM Co.: АВМ, Саapital ABM, Drawing Accrued Interest Payable Accrued Utilities Payable Accounts Receivable Accounts Payable Cash Loan Payable Mortgage Payable Notes Receivable Prepaid Rent Rent Expense Salaries Expense Service Revenue 13 Interest Expense Interest Income Unused Supplies Used Supplies Prepaid Insurance Insurance Expense Required: Prepare the chart of accounts using two digits number.

Name: The following are the account titles used by ABM Co.:АВМ, СapitalABM,
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Description: The following are the account titles used by ABM Co.:АВМ, СapitalABM, DrawingAccrued Interest PayableAccrued Utilities PayableAccounts ReceivableAccounts PayableCashLoan PayableMortgage PayableNotes ReceivablePrepaid RentRent ExpenseSalaries Expense

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

The following are the account titles used by ABM Co.:
АВМ, Сapital
ABM, Drawing
Accrued Interest Payable
Accrued Utilities Payable
Accounts Receivable
Accounts Payable
Cash
Loan Payable
Mortgage Payable
Notes Receivable
Prepaid Rent
Rent Expense
Salaries Expense
Service Revenue
13
Interest Expense
Interest Income
Insurance Expense
Unused Supplies
Used Supplies
Prepaid insurance
Required: Prepare the chart of accounts using two digits number.

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