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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Why Does It Matter?

MAC’S CUSTOM CATERING, Eugene, Oregon

Mac’s Custom Catering, an award-winning catering business located in Eugene, Oregon, specializes in providing “only the best for you and your guest.” Mac’s Custom Catering has been in business for over 30 years and is experienced in providing catering services at weddings, corporate events, and large sit-down events. It offers several signature buffet options, including “Northwest Bounty,” “Hawaiian Luau,” and “Italian Fest.”

Imagine that you have been hired to set up the accounting system for a catering business such as Mac’s. What accounts would be included in the chart of accounts? As you list the accounts, identify the type of account. Is the account an asset, a liability, or owner’s equity?

To determine

Suggest the account titles by account categories for a catering business, C Catering.

Explanation

Chart of accounts: The chart that lists all the account titles along with their corresponding numbers that are used in the general ledger of a company is referred to as chart of accounts.

Account titles by account categories for a catering business, C Catering:

Assets (100-199)
Account NumbersAccount Titles
111Cash
113Accounts Receivable
115Supplies
117Prepaid Insurance
124Equipment
  
Liabilities (200-299)
Acco...

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