Monet Paints Co. is a newly organized retail business with a list of accounts arranged in alphabetical order, as follows: . Assign account numbers and specify whether each account would appear on the balance sheet or income statement. 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 subclassification (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 Inventory, 115 for Estimated Returns Inventory, and so on).
Note: If an account would not appear on either the Balance Sheet or the income Statement, select "N/A". Financial Major Possible Account Account Statement Classification Number Accounts Payable Accounts Receivable Accumulated Depreciation Office Equipment Accumulated Depreciation-Store Equipment Advertising Expense Cash C Advertising Expense Cash Common Stock Cost of Goods Sold Customer Refunds Payable Delivery Expense Depreciation Expense-Office Equipment Depreciation Expense--Store Equipment Dividends Estimated Returns Inventory Insurance Expense Interest Expense