Which of the following would start with a 2 in the chart of accounts?
A)Accounts Payable and Interest Payable
B)Common Stock and Dividends
C)Cash and Accounts Receivable
D)Sales and Service Revenue

Question

Quizplus · Accepted Answer

Accounts Payable and Interest Payable are both liability accounts and typically start with a 2 in the chart of accounts. Common Stock and Dividends are equity accounts and usually start with a 3, Cash and Accounts Receivable are asset accounts and typically start with a 1, and Sales and Service Revenue are revenue accounts and typically start with a 4 or 5.

Which of the Following Would Start with a 2 in the Chart