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Chart of accounts LeadCo School is a newly organized business that teaches people how to inspire and influence others. The list of accounts to be opened in the general ledger is as follows: Accounts Payable Accounts Receivable Cash Common Stock Dividends Equipment Fees Earned Miscellaneous Expense Prepaid Insurance Rent Expense Retained Earnings Supplies Supplies Expense Unearned Rent Wages Expense List the accounts in the order in which they should appear in the ledger of LeadCo School and assign account numbers. Each account number is to have two digits: the first digit is to indicate the major classification (1 for assets, etc.), and the second digit is to identify the specific account within each major classification (11 for Cash, etc.).

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Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169

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Section
BuyFindarrow_forward

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
Chapter 2, Problem 2.3EX
Textbook Problem
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Chart of accounts

LeadCo School is a newly organized business that teaches people how to inspire and influence others. The list of accounts to be opened in the general ledger is as follows:

Accounts Payable

Accounts Receivable

Cash

Common Stock

Dividends

Equipment

Fees Earned

Miscellaneous Expense

Prepaid Insurance

Rent Expense

Retained Earnings

Supplies

Supplies Expense

Unearned Rent

Wages Expense

List the accounts in the order in which they should appear in the ledger of LeadCo School and assign account numbers. Each account number is to have two digits: the first digit is to indicate the major classification (1 for assets, etc.), and the second digit is to identify the specific account within each major classification (11 for Cash, etc.).

To determine

Balance sheet:

Balance sheet is a financial statement which reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources, on a specific date. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity.

Income statement:

The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

To List: The accounts in the order in which they should appear in the ledger of School LC, and to assign the two digits account number.

Explanation of Solution

The accounts are arranged in the order in which they should appear in the ledger of School LC, and the two digits numbers are assigned to the accounts on a basis that the first digit represents the major classifi...

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Chapter 2 Solutions

Corporate Financial Accounting
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