Accounts Payable Miscellaneous Expense
Accounts Receivable Prepaid Insurance
Cash Rent Expense
Equipment Supplies
Fees Earned Supplies Expense
Ivy Bishop, Capital Unearned Rent
Ivy Bishop, Drawing Wages Expense
List the accounts in the order in which they should appear in the ledger of LeadCo School and assign account numbers. Each account number is to have two digits: the first digit is to indicate the major classification (1 for assets, etc.), and the second digit is to identify the specific account within each major classification (11 for Cash, etc.).
Answer:
Balance Sheet Accounts Income Statement Accounts 1. Assets 4. Revenue 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Supplies 5. Expenses 14 Prepaid Insurance 51 Wages Expense 15 Equipment 52 Rent Expense 53 Supplies Expense 2. Liabilities 21 Accounts Payable 22 Unearned Rent 59 Miscellaneous Expense 3. Owner’s Equity 31 Ivy Bishop, Capital 32 Ivy Bishop, Drawing