Parker & Stone, Inc., is looking at setting up a new manufacturing plant in South Park to produce garden tools. The company
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Answer:
Assets
Account _________________ Account Number
Cash ________________________110
Accounts Receivable - A.Karn _____120
Accounts Receivable - J.Chin _____ 130
Supplies _____________________ 140
Prepaid Insurance______________ 150
Liabilities
Account _________________ Account Number
Accounts Payable - River Company _210
Accounts Payable - Sharma Supply _220
Capital
Account _________________ Account Number
Kajal Chauhan, Capital ___________310
Kajal Chauhan, Drawing __________320
Income
Account _________________ Account Number
Sales ________________________ 410
Expenses
Account _________________ Account Number
Advertising Expense _____________510
Charitable Expense ______________520
Insurance Expense ______________ 530
Postage Expense _______________ 540
Rent Expense __________________ 550
Explanation:
The first digit of the account number of Asset will start with 1. It means 1 represents the Assets section.
The first digit of the account number of Liabilities will start with 2. It means 2 represents the Liabilities section.
The first digit of the account number of Capital will start with 3. It means 3 represents the Capital section.
The first digit of the account number of Income will start with 4. It means 4 represents the Income section.
The first digit of the account number of Expenses will start with 5. It means 5 represents the Expenses section.
The second digit of each account number specific account. e.g in Asset the Account number 120 is for Accounts Receivable - A.Karn. The second digit 2 represents the account receivable of A.Karn.
Note:
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