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The chart of accounts must be tailored to an organization's specific needs. Discuss how the chart of accounts for the following organizations would differ from the one presented for S&S in Table 2-2. Picture is below.

a. university

b. bank

c. government unit (city or state)

d. manufacturing company

e. expansion of S&S to a chain of two stores

Table 2-2 shows the chart of accounts Ashton developed for S&S. Each account n is three digits long. The first digit represents the major account category urtber and indicates where TABLE 2-2 Sample Chart of Accounts for S&S ACCOUNT CODE 100-199 Current Assets ACCOUNT ACCOUNT NAME CODE 400-499 ACCOUNT NAME 102 103 Savings Account Petty Cash Equity Accounts Common Stock Retained Earnings en 500-599Revenues 125 130 Allowance for Doubtful Accounts Notes Receivable Cash Sales Credit Sales Sales Returns & Allowances 160 170 180 200-299 Prepaid Rent Prepaid Insurance Noncurrent Assets Land Interest Revenue Miscellaneous Revenue 530 Cost of Goods Sold Wages Expense 210 612 230 235 240 Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Payroll Tax Expense Rent Expense an 630 Expense Furniture & Fixtures Accumulated Depreciation-Furniture &Fixtures Other Assets ce Supplies Expense Bad Debt Expense ue is 640 650 701 702 703 710 250 n ExpensBuildings Depreciation Expense-Equipment Depreciation Expense-Furniture & Fixtures Income Tax Expense Liabilities Accounts Payable Wages Payable Employee Income Tax Payable FICA Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable Accrued Interest Payable Other Liabilities 300-399 emo- 310 321 322 900-999 Summary Accounts 2 324 330 360 wing

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