Monet Paints Co is a newly organized business with a

Monet Paints Co. is a newly organized business with a list of accounts arranged in alphabetical
order below.Accounts PayableAccounts ReceivableAccumulated Depreciation—Office
EquipmentAccumulated Depreciation—Store EquipmentAdvertising ExpenseCapital
StockCashCost of Merchandise SoldDelivery ExpenseDepreciation Expense—Office
EquipmentDepreciation Expense—Store EquipmentDividendsIncome SummaryInsurance
ExpenseInterest ExpenseLandMerchandise InventoryMiscellaneous Administrative
ExpenseMiscellaneous Selling ExpenseNotes PayableOffice EquipmentOffice Salaries
ExpenseOffice SuppliesOffice Supplies ExpensePrepaid InsuranceRent ExpenseRetained
EarningsSalaries PayableSalesSales DiscountsSales Returns and AllowancesSales Salaries
ExpenseStore EquipmentStore SuppliesStore Supplies ExpenseConstruct a chart of accounts,
assigning account numbers and arranging the accounts in balance sheet and income statement
order, as illustrated in Exhibit 7. 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, 112 for Accounts Receivable, 114 for Merchandise Inventory, 115 for
Store Supplies, and so on).View Solution:
Monet Paints Co is a newly organized business with a
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