Task Sheet 3

Preparing Chart of Accounts

Performance Objective:
Given the necessary requirements, you should be able to:
1. Prepared and coded chart of accounts following the given table format.

Introduction:
A chart of accounts is a list of all account titles used by a company in its
accounting system, normally listed in the order in which they appear in the financial
statements.

Blended Learning Delivery requirements:

o LMS (Edmodo, Google Meet)
o Support links – PDF Files

Procedure:
1. Prepare supplies, materials and working station (Learning Resource Area)
2. View, https://www.youtube.com/watch?v=bB5SXVXy0vc
3. Prepare chart of accounts.
a. Recall and understand account types; divide company accounts into the
following categories and subcategories on paper.
b. Recall and understand account types; divide company accounts into the
following categories and subcategories on paper.
c. Assign account code/number;
d. Create chart of accounts, and perform application - using the list of
accounts given below.
e. Assign account code and prepare a chart of accounts for
ORO Video Rental Shop.
- Cash
- Mateo Roa, Capital
- Supplies
- Accounts Payable
- Videotapes
- Video Rental Fee
- Accounts Receivables
- Salary Expense
- Mateo Roa, Drawing
- Rent Expense
- Utilities Expense
 f. Follow the table format given below.
ORO VIDEO
Chart of Accounts

ACCOUNT NO. ACCOUNT TITLE

FINANCIAL POSITION ACCOUNTS (BALANCE SHEET)

(100) ASSETS
110 Cash

120 Accounts Receivable

130 Videotapes

140 Supplies

(200) LIABILITIES
200 Accounts Payable

(300) OWNER’S EQUITY

310 Mateo Roa, Capital

320 Mateo Roa, Drawing

PERFORMANCE STATEMENT ACCOUNTS (INCOME STATEMENT)

(400) REVENUE
410 Video Rental Fee

510 Salaries Expense

(500) EXPENSES
520 Rent Expense

530 Utilities Expense

g. Review work and correct errors if there is any.

h. Submit work on or before the designated time. This is a one-hour
activity.
REFERENCE - https://www.keynotesupport.com/accounting/accounting-assets-liabilities-equity-
revenue-expenses.shtml