Gemini Co is a newly organized business with a list

Gemini Co. is a newly organized business with a list of accounts arranged in alphabetical order
below.Accounts Payable .............. Miscellaneous Administrative ExpenseAccounts Receivable
............ Miscellaneous Selling ExpenseAccumulated Depreciation—Office Equipment . Notes
PayableAccumulated Depreciation—Store Equipment ... Office EquipmentAdvertising Expense
............. Office Salaries ExpenseCash .................. Office SuppliesCost of Merchandise Sold
........... Office Supplies ExpenseDelivery Expense ............. Prepaid InsuranceDepreciation
Expense—Office Equipment ... Rent ExpenseDepreciation Expense—Store Equipment .....
Salaries PayableIncome Summary ............. SalesInsurance Expense ............. Sales
DiscountsInterest Expense ............. Sales Returns and AllowancesJung Qiang, Capital ............
Sales Salaries ExpenseJung Qiang, Drawing ............ Store EquipmentLand .................... Store
SuppliesMerchandise Inventory ............. Store Supplies ExpenseConstruct a chart of accounts,
assigning account numbers and arranging the accounts in balance sheet and income statement
order, as illustrated in Exhibit 6. Each account number is three digits: the first digit is to indicate
the major classification (“1” for assets, and so on); the second digit is to indicate the sub-
classification (“11” for current assets, and so on); and the third digit is to identify the specific
account (“110” for Cash, and so on).View Solution:
Gemini Co is a newly organized business with a list
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