EX 2-2 Chart of accounts

Innerscape Interiors is owned and operated by Jean Cartier, an interior decorator. In the ledger of Innerscape Interiors, the first digit of the account number indicates its major account classification (1—assets, 2—liabilities, 3—owner’s equity, 4—revenues, 5— expenses). The second digit of the account number indicates the specific account within each of the preceding major account classifications.

Match each account number with its most likely account in the list below. The account numbers are 11, 12, 13, 21, 31, 32, 41, 51, 52, and 53.

Accounts Payable
Accounts Receivable
Cash
Fees Earned
Jean Cartier, Capital
Jean Cartier, Drawing
Land
Miscellaneous Expense
Supplies Expense
Wages Expense

Answer
Accounts Payable - 21
Accounts Receivable - 12
Cash - 11
Fees Earned - 41
Jean Cartier, Capital - 31
Jean Cartier, Drawing - 32
Land - 13
Miscellaneous Expense - 53
Supplies Expense - 52
Wages Expense - 51