Accounting and Finance Foundations

Unit 5

Accounting and Finance Foundations Unit 5: Accounting Terminology 329

Accounting Terminology

Chapter 13

Lesson 13.5.1

The Chart of Accounts (cont’d)

Student Assignment

Preparing a Chart of Accounts

Jeff Dixon is the sole owner of a service business called House Clean. House Clean uses the following ac-

counts to record financial transactions for the business.

Advertising Expense

Accounts Receivable—Joan Jones

Accounts Receivable—Sam Walters

Accounts Payable—Miller Cleaning Supplies Co.

Accounts Payable—Wayne Office Co

Cash

Insurance Expense

Jeff Dixon, Capital

Jeff Dixon, Drawing

Miscellaneous Expense

Notes Payable - Security Bank

Prepaid Insurance

Rent Expense

Repair Expense

Sales

Supplies

Supplies Expense

Telephone Expense

Directions:

1. Prepare a Chart of Accounts for House Clean by separating the list above into the proper account types
   and then numbering each section and account correctly.


2. Jeff has decided to add the following two expense accounts to better track his expenditures in these areas:
   Gasoline Expense and Utilities Expense. Write the correct account numbers for each new account.

Gasoline Expense _________________ Utilities Expense ________________________

House Clean

Chart of Accounts