Develop a corporation chart of accounts, taking into consideration the following

Question

Develop a corporation chart of accounts, taking into consideration the following:

There should be a minimum of 4 employees and at least 3 tangible assets. The corporation is a merchandising operation, so you will need to consider the necessary accounts.

Develop the first month’s transactions. Prepare the first month’s journal entries based on your chart of accounts. You will need to determine and explain your choice of depreciation method, choice of debt structure, and consider the rates of pay for the employees.

In your narrative, discuss how ethics is related to a company having a chart of accounts. What kinds of internal controls might be helpful in your particular company? List a minimum of 3 internal controls.

How do I start this out?

Explanation / Answer

Start out by making a list

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