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:

English Civil War

A series of armed conflicts and political machinations between Parliamentarians ("Roundheads") and Royalists ("Cavaliers") in England in the mid-17th century over governance and civil liberties.

Consumer Goods

Products that are purchased for consumption by the average consumer, including durable goods, non-durable goods, and services.

Navigation Acts

A series of laws enacted by the British Parliament in the 17th century, aimed to tighten the government's control over trade between England, its colonies, and the rest of the world.

Colonial Residents

Individuals who lived in territories under the control and governance of a foreign power during the colonial period.