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College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160

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BuyFindarrow_forward

College Accounting, Chapters 1-27 ...

22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160
Chapter 4, Problem 2MC
Textbook Problem
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A revenue account will begin with the number ________ in the chart of accounts.

(a) 1

(b) 2

(c) 3

(d) 4

To determine

Indicate the number the revenue account will start with in the chart of accounts.

Explanation of Solution

Chart of accounts:

Chart of accounts refers to the list of all accounts used in a business. The chart of accounts contains account titles in numeric order for all assets, liabilities, stockholder’s equity, revenues and expenses. In “Mitchell ‘s Campus Delivery chart  of  accounts” the assets account will begin with  number “1”, liabilities with “2”, stockholder’s equity with “3”, revenues with “4” and expenses with “5”. “Mitchell‘s Campus Delivery” uses three digit number for all accounts.

Justification for incorrect answer:

Option a:

In “Mitchell ‘s Campus Delivery chart  of  accounts” the assets account will begin with  number “1”, liabilities with “2”, stockholder’s equity with “3”, revenues with “4” and expenses with “5”. “Mitchell‘s Campus Delivery” uses three digit number for all accounts. Therefore, Option a. (1) is an incorrect answer because asset account will begin with number 1 in chart of accounts.

Option b:

In “Mitchell ‘s Campus Delivery chart  of  accounts” the assets account will begin with  number “1”, liabilities with “2”, stockholder’s equity with “3”, revenues with “4” and expenses with “5”...

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Chapter 4 Solutions

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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