Question

Review the chart of accounts in Ch 2. In Excel, create a four column chart of accounts for a fictitious company in your pathway. The company should be a sole proprietor and a service business. In the upper left side of your worksheet list your name, your company name and your pathway. Write a short description of what your company does. Your Chart of Accounts must include the following:

• List at least 16 accounts.
• At least 6 account titles should be customized for your specific company.
• Assign a three digit account number to your accounts following the example chart of accounts.
• Group and title the accounts, as in the example, as Assets, Liabilities, Owner’s Equity, Revenue and Expense.
• In the last two columns, state what the normal balance of the account is (debit or credit), and state how the account is increased (debit or credit).

Your four columns should have the following titles:

• Account number
• Account title
• normal balance
• increases with

The example below is for the cash line

Account number	Account title		Normal Balance		Increases with
101	Cash		Debit		Debit

Answer 1

Nancy Rodrieguz
Belle Salon and Spa
Pathway-Involved in building the apperance by providing spa services,hair dressing services and makeup services.
Account Number	Group	Account Title	Normal Balance	Increases
101	Assets-Current	Cash and cash equivalents	Debit	Debit
102	Accounts Receivable	Debit	Debit
103	Prepaid Expenses	Debit	Debit
104	Temporary Investments	Debit	Debit
105	Supplies-Beauty Products	Debit	Debit
106	Assets- Property Plant and Equipment	Equipments	Debit	Debit
107	Furniture and Fixtures	Debit	Debit
108	Liabilities	Accounts Payable	Credit	Credit
109	Expenses Payable	Credit	Credit
110	Owner's Equity	Prporietor's Capital	Credit	Credit
111	Expenses	Electricity charges	Debit	Debit
112	Bank Service Charges	Debit	Debit
113	Utilities	Debit	Debit
114	Rent	Debit	Debit
115	Telephone Expenses	Debit	Debit
116	Duties and Taxes	Debit	Debit
117	Insurance	Debit	Debit
118	General Expenses	Debit	Debit
119	Salary	Debit	Debit
120	Cleaning fees	Debit	Debit
121	Marketing Expenses	Debit	Debit
122	Revenue	Sales-Service	Credit	Credit