Chart of Accounts of A Service Business ASSETS LIABILITIES Current Assets 101 Current Liabilities 201 Accounts Payable N9tes Payable Light and Water Payable Interest Payable Unearned Repair Income Cash 102 Accounts Receivable 202 102-A Allow for Bad Debts 203 Notes Receivable Unused Office Supplies Prepaid Advertising 103 204 104 205 105 106 Rental Receivable Non-current Liabilities Loans Payable Mortgage Payable Non-Current Assets 110 Tools 210 111 Furniture and Fixtures 211 111-A Accum Depreciation-F & F Office Equipment 112 112-A Accum Depreciation-OE Owner's Equity 113 Repair Equipment 113-a Accum Depreciation-RE 301 302 Mr. A Capital Mr A Drawings Income and Expense Summary 303 INCOME 401 402 Repair Income Rental Income EXPENSES 501 Salaries Expense Rent Expense Office Supplies Expense Light and Water Expense Transportation Expense Communication Expense Taxes and License Expense Advertising Expense Depreciation Expense - Furniture and Fixture Depreciation Expense - Office Equip Depreciation Expense - Repair Equip Bad Debts Expense Interest Expense 502 503 504 505 506 507 508 509 510 511 512 513
Chart of Accounts of A Service Business ASSETS LIABILITIES Current Assets 101 Current Liabilities 201 Accounts Payable N9tes Payable Light and Water Payable Interest Payable Unearned Repair Income Cash 102 Accounts Receivable 202 102-A Allow for Bad Debts 203 Notes Receivable Unused Office Supplies Prepaid Advertising 103 204 104 205 105 106 Rental Receivable Non-current Liabilities Loans Payable Mortgage Payable Non-Current Assets 110 Tools 210 111 Furniture and Fixtures 211 111-A Accum Depreciation-F & F Office Equipment 112 112-A Accum Depreciation-OE Owner's Equity 113 Repair Equipment 113-a Accum Depreciation-RE 301 302 Mr. A Capital Mr A Drawings Income and Expense Summary 303 INCOME 401 402 Repair Income Rental Income EXPENSES 501 Salaries Expense Rent Expense Office Supplies Expense Light and Water Expense Transportation Expense Communication Expense Taxes and License Expense Advertising Expense Depreciation Expense - Furniture and Fixture Depreciation Expense - Office Equip Depreciation Expense - Repair Equip Bad Debts Expense Interest Expense 502 503 504 505 506 507 508 509 510 511 512 513
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter14: Activities Required In Completing A Quality Audit
Section: Chapter Questions
Problem 65RSCQ
Related questions
Question
Required:
Below is a Chart of Accounts of a Service Business, submit a research on the nature or definition of every item in the chart of accounts.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Auditing: A Risk Based-Approach to Conducting a Q…
Accounting
ISBN:
9781305080577
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q…
Accounting
ISBN:
9781305080577
Author:
Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:
South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning