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Problem-5 - AFCAR Chapter 3

The document lists the accounts needed for the ledger of Arib Business Consultancy. The assistant organized the accounts into categories including assets, liabilities, owner's equity, revenues and expenses. Each account was assigned a 3-digit number with the first digit indicating the category and the second specifying the individual account. This resulted in a chart of accounts for Arib Business Consultancy.

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2K views9 pages

Problem-5 - AFCAR Chapter 3

The document lists the accounts needed for the ledger of Arib Business Consultancy. The assistant organized the accounts into categories including assets, liabilities, owner's equity, revenues and expenses. Each account was assigned a 3-digit number with the first digit indicating the category and the second specifying the individual account. This resulted in a chart of accounts for Arib Business Consultancy.

Uploaded by

kakao
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Problem #5

Developing a Chart of Accounts


Cleofe Arib organized a new business and named it Arib Business Consultancy. Listed
below are the accounts that will be needed in the ledger:
Consulting Revenues Arib, Withdrawals
Accounts Receivable Income Summary
Building Office Supplies Expense
Cash Arib, Capital
Rent Expense Notes Payable
Furniture and Fixtures Prepaid Rent
Land Interest Expense
Miscellaneous Expense Salaries Expense
Referral Revenues Unearned Consulting Revenues
Accu. Depreciation --- Building Office Supplies
Accu. Depreciation --- F/F Interest Payable
Depreciation Expense --- Building Insurance Expense
Depreciation Expense --- F/F Accounts Payable
Consulting Revenues Arib, Withdrawals
Accounts Receivable Income Summary
Building Office Supplies Expense
Cash Arib, Capital
Rent Expense Notes Payable
Furniture and Fixtures Prepaid Rent
Land Interest Expense
Miscellaneous Expense Salaries Expense
Referral Revenues Unearned Consulting Revenues
Accu. Depreciation --- Building Office Supplies
Accu. Depreciation --- F/F Interest Payable
Depreciation Expense --- Building Insurance Expense
Depreciation Expense --- F/F Accounts Payable

Required:
Arrange these accounts in the order in which they· would appear in the ledger. Assign each
account a number, using a three-digit numbering scheme: the 100 series for assets, the 200
series for liabilities, etc. Use the second digit to indicate specific accounts within a major
category; for example, Cash would be account number 110.
ASSETS
Consulting Revenues Arib, Withdrawals
Accounts Receivable Income Summary
Building Office Supplies Expense
Cash Arib, Capital
Rent Expense Notes Payable
Furniture and Fixtures Prepaid Rent
Land Interest Expense
Miscellaneous Expense Salaries Expense
Referral Revenues Unearned Consulting Revenues
Accu. Depreciation --- Building Office Supplies
Accu. Depreciation --- F/F Interest Payable
Depreciation Expense --- Building Insurance Expense
Depreciation Expense --- F/F Accounts Payable
Liabilities
Consulting Revenues Arib, Withdrawals
Accounts Receivable Income Summary
Building Office Supplies Expense
Cash Arib, Capital
Rent Expense Notes Payable
Furniture and Fixtures Prepaid Rent
Land Interest Expense
Miscellaneous Expense Salaries Expense
Referral Revenues Unearned Consulting Revenues
Accu. Depreciation --- Building Office Supplies
Accu. Depreciation --- F/F Interest Payable
Depreciation Expense --- Building Insurance Expense
Depreciation Expense --- F/F Accounts Payable
OWNER’s EQUITY
Consulting Revenues Arib, Withdrawals
Accounts Receivable Income Summary
Building Office Supplies Expense
Cash Arib, Capital
Rent Expense Notes Payable
Furniture and Fixtures Prepaid Rent
Land Interest Expense
Miscellaneous Expense Salaries Expense
Referral Revenues Unearned Consulting Revenues
Accu. Depreciation --- Building Office Supplies
Accu. Depreciation --- F/F Interest Payable
Depreciation Expense --- Building Insurance Expense
Depreciation Expense --- F/F Accounts Payable
RevenueS
Consulting Revenues Arib, Withdrawals
Accounts Receivable Income Summary
Building Office Supplies Expense
Cash Arib, Capital
Rent Expense Notes Payable
Furniture and Fixtures Prepaid Rent
Land Interest Expense
Miscellaneous Expense Salaries Expense
Referral Revenues Unearned Consulting Revenues
Accu. Depreciation --- Building Office Supplies
Accu. Depreciation --- F/F Interest Payable
Depreciation Expense --- Building Insurance Expense
Depreciation Expense --- F/F Accounts Payable
expenses
Consulting Revenues Arib, Withdrawals
Accounts Receivable Income Summary
Building Office Supplies Expense
Cash Arib, Capital
Rent Expense Notes Payable
Furniture and Fixtures Prepaid Rent
Land Interest Expense
Miscellaneous Expense Salaries Expense
Referral Revenues Unearned Consulting Revenues
Accu. Depreciation --- Building Office Supplies
Accu. Depreciation --- F/F Interest Payable
Depreciation Expense --- Building Insurance Expense
Depreciation Expense --- F/F Accounts Payable
ASSETS: current OWNER’S EQUITY
110 Cash
300 Arib, Capital
120 Accounts Receivable
310 Arib, Withdrawal
130 Prepaid Rent
140 Office Supplies
REVENUES
ASSETS: non-current 400 Consulting Revenues
150 Land
151
160
Furniture and Fixtures
Accu. Depreciation --- F/F
EXPENSES
152 Building 500 Rent Expenses
161 Accu. Depreciation --- Building 501 Salaries Expenses
502 Miscellaneous Expenses
LIABILITIES 510 Office Supplies Expenses
200 Accounts Payable 511 Interest Expenses
201 Notes Payable 520 Depreciation Expense --- Building
202 Interest Payable 521 Depreciation Expense --- F/F
210 Unearned Consulting Revenues
CHART OF ACCOUNTS
110 Cash 300 Arib, Capital
120 Accounts Receivable 310 Arib, Withdrawal
130 Prepaid Rent 400 Consulting Revenues
140 Office Supplies
500 Rent Expenses
150 Land 510 Salaries Expenses
160 Furniture and Fixtures 520 Miscellaneous Expenses
162 Accu. Depreciation --- F/F 530 Office Supplies Expenses
170 Building 540 Interest Expenses
172 Accu. Depreciation --- Building 550 Depreciation Expense --- Building
560 Depreciation Expense --- F/F
200 Accounts Payable
210 Notes Payable
220 Interest Payable
230 Unearned Consulting Revenues

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