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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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Section
BuyFindarrow_forward

College Accounting (Book Only): A ...

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

Define chart of accounts and identify the categories of accounts.

To determine

Indicate the meaning of chart of accounts and mention the categories of accounts.

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.

Categories of accounts:

Assets (100-199) 
111Cash
113Accounts Receivable
115Supplies
117Prepaid Insurance
124Equipment
  
Liabilities (200-299) 
221Accounts Payable
222Notes Payable
223

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