Construct a chart of accounts, assigning account numbers and arranging the accounts in balance sheet and income statement order. Each account number must have three digits, and the first digit should designate its classification ("1" for assets, "2" for liabilities, and so on). Contra accounts should be designated with a decimal (ex.: 100.1 for contra of account 100). Assets and liabilities should be arranged in the order of liquidity, and expenses should be arranged alphabetically.

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The Answer of Construct a chart of accounts, assigning account numbers and arranging the accounts in balance sheet and income statement order. Each account number must have three digits, and the first digit should designate its classification ("1" for assets, "2" for liabilities, and so on). Contra accounts should be designated with a decimal (ex.: 100.1 for contra of account 100). Assets and liabilities should be arranged in the order of liquidity, and expenses should be arranged alphabetically.

Construct a Chart of Accounts, Assigning Account Numbers and Arranging