Really stuck on an accounting question...any help would be great!?

Question

Businesses within an industry tend to have similar accounts. For example businesses that sell merchandise have purchases, merchandise inventory, sales, accounts receivable etc. Businesses that sell services will have some accounts that are the same in merchandising businesses, but they may not have a sales account if they do not sell merchandise to customers.

Agricultural businesses (farmers) will have different accounts. Create a chart of accounts for a farming business. You can choose any type of farm. Name at least 4 asset accounts, two liability accounts, a capital account, one revenue account and three expense accounts. (Accounts must be listed in correct order)

Thanks so much for your help. 10 pts for best answer!!!!!

Answer 1

Here's what I came up with for a farm growing perhaps wheat and corn, organized as a partnership.

ASSETS

Inventory - Crops

Inventory - Seed

Leasehold Improvements

Land

LIABILITIES

Accrued Expenses

Customer Deposits

CAPITAL

Capital - J.Q. Owner

Capital - E.W. Owner

REVENUE

Sales - Crop

EXPENSE

Fertilizer Expense

Spraying Expense

Grain Storage Expense