On January 1, 2010, Cary Parsons established a catering service. Listed below are accounts she would like to open in the general ledger. List the accounts in the order in which they should appear in the ledger and propose a two-digit account numbering scheme that is consistent with the rules of a proper chart of accounts.
Definitions:
Annually Compounded
A method of calculating interest where the interest is added to the principal sum once a year, resulting in interest on interest.
Fair Market Value
The price at which an asset would trade in a competitive auction setting, reflecting the true value as agreed upon by a willing buyer and seller.
RRSP
A Registered Retirement Savings Plan, a Canadian investment account for holding savings and investment assets, with certain tax advantages.
Compounded Annually
Interest calculated once a year on the initial principal and the accumulated interest of previous periods of a deposit or loan.
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