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Monet Paints Co is a newly organized business with a list of accounts arranged in alphabetical order as follows Construct a chart of accounts assigning account numbers and arranging the accounts

Monet Paints Co. is a newly organized business with a list of accounts arranged in alphabetical order, as follows:

Construct a chart of accounts, assigning account numbers and arranging the accounts in balance sheet and income statement order, as illustrated in Exhibit 2. Each account number is three digits: the first digit is to indicate the major classification (1 for assets, for example); the second digit is to indicate the subclassification (11 for current assets, for example); and the third digit is to identify the specific account (110 for Cash, 112 for Accounts Receivable, 114 for Merchandise Inventory, etc.).

Apr 14 2021 View more View Less

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