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Chart of Accounts Monet Paints Co. is a newly organized business with a list of accounts arranged in alphabetical order, as follows: Assign account numbers and specify whether each account would appear on the balance sheet or income statement, as illustrated below.

Each account number is three digits: the first digit is to indicate the major classification (1 for assets, and so on); the second digit is to indicate the subclassification (11 for current assets, and so on); and the third digit is to identify the specific account (110 for Cash, 112 for Accounts Receivable, 114 for Merchandise Inventory, 115 for Store Supplies, and so on).

Chart of Accounts Monet Paints Co. is a newly organized business with a list of accounts arranged in alphabetical order, as follows: Assign account numbers and specify whether each account would appear on the balance sheet or income statement, as illustrated below. Each account number is three digits: the first indicate the subclassification (11 for current assets, and so on); and the third digit is to identify the specific account (110 for Cash, 112 for Accounts Receivable, 114 for Merchandise In Financial Statement Major Classification Possible Account Number Account Accounts Payable Accounts Receivable Accumulated Depreciation-Office Equipment Accumulated Depreciation-Store Equipment Advertising Expense Cash Cost of Merchandise Sold Delivery Expense Depreciation Expense-Office Equipment Depreciation Expense-Store Equipment Income Summary Insurance Expense Interest Expense Kailey Garner, Capital Kailey Garner, Drawing Land Merchandise Inventory Miscellaneous Administrative Expense Miscellaneous Selling Expense Balance Sheet Income Statement

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