Oak Interiors is owned and operated by Fred Biggs, an interior decorator. In the ledger of Oak Interiors, the first digit of the account number indicates its major account classifica- tion (1—assets, 2—liabilities, 3—owner’s equity, 4—revenues, 5—expenses). The second digit of the account number indicates the specific account within each of the preceding major account classifications. Match each account number with its most likely account in the list that follows. The account numbers are 11, 12, 13, 21, 31, 32, 41, 51, 52, and 53. EX 2-3 OBJ. 1 Accounts Payable Accounts Receivable Cash Fees Earned Fred Biggs, Capital Chart of accounts Fred Biggs, Drawing Land Miscellaneous Expense Supplies Expense Wages Expense

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 1E: On a sheet of paper, draw the fundamental accounting equation with T accounts under each of the...
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Oak Interiors is owned and operated by Fred Biggs, an interior decorator. In the ledger of Oak Interiors, the first digit of the account number indicates its major account classifica- tion (1—assets, 2—liabilities, 3—owner’s equity, 4—revenues, 5—expenses). The second digit of the account number indicates the specific account within each of the preceding major account classifications. Match each account number with its most likely account in the list that follows. The account numbers are 11, 12, 13, 21, 31, 32, 41, 51, 52, and 53. EX 2-3 OBJ. 1 Accounts Payable Accounts Receivable Cash Fees Earned Fred Biggs, Capital Chart of accounts Fred Biggs, Drawing Land Miscellaneous Expense Supplies Expense Wages Expense

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