Question

Chart of Accounts of a Merchandising Company

Answer 1

Charts of Accounts includes for a mercandising company :
Revenue
1) Sales
Expenses
2) cost of Good sold
Advertsing expenses
Insurance expenses
Supplies expenses
Depreciation expenses
Rent expenses
Utilities expenses
Bad debt expenses
3) Current Assets
Cash and cash equivalent
Accounts receivable
Supplies
prepaid expenses
4) property Plant & equipment
Equipment
Land
Building
5) liabilities
Accounts payable
Bank loan payable
Salaries payable
Mortgage payable
Other liabilities payable
6) Shareholder Equity
Common stock
Retained Earnings
Generally these chart of accounts are included but this is not an exhaustive list, according to company the accounts can be added or deleted