Using the List of Accounts Below, Construct a Chart of Accounts

question 215

Essay

Using the list of accounts below, construct a chart of accounts for a merchandising business that rents out a portion of its building, and assign account numbers and arranging the accounts in balance sheet and income statement order "1" for assets, and so on). Each account number should have three digits. Contra accounts should be designated with a decimal of the account 100.1 for contra of account 100). Assets and liabilities should be in order of liquidity, expenses should be in alphabetical order.

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Definitions:

C-O Bond

A covalent bond between a carbon atom and an oxygen atom, integral to many organic compounds and carbonates.

C-F Bond

The carbon-fluorine bond (C-F bond) is one of the strongest in organic chemistry, imparting chemical stability and resistance to various compounds.

Electronegativity Difference

The measure of the difference in electronegativity between two bonded atoms, influencing the bond type (ionic, polar covalent, or nonpolar covalent).

Organic Compounds

Chemical compounds that contain carbon and are found in living organisms, often forming the basis of chemistry related to life.