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

question 77

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 arrange 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:

Individual Members

Refers to the single persons that compose a group, organization, or society, each with unique characteristics and roles.

Public Service

Services provided by the government to its citizens, typically focused on the welfare and well-being of the populace.

Valuing Citizenship

Placing importance on the rights, responsibilities, and roles of individuals in a society or community.

Entrepreneurship

The activity of setting up a business or businesses, taking on financial risks in the hope of profit.