Which of the following items would appear Which of the following items would app

Question

Which of the following items would appear Which of the following items would appear ional & Global and Wei × Workshop One Assignment ? ezto.mheducation.com/hm.tpx value 13.33 points Exercise 1-8 Account titles and the accounting equation LO1-2 The following account titles were drawn from the general ledger of Gutter Control, Incorporated (GCI) Cash, Notes Payable, Land, Accounts Payable, Office Furniture, Salaries Expense, Common Stock, Sevice Revenue, Interest Expense. Ubilities Payable. Unlities Expense, Trucks, Supplies, Operating Expenses Rent Revenue, Diidends, Computers, Building. Supplies Expense, Gasoline Expense, Retained Earmings Required a. List each account title under the element of the accounting equation to which it belongs. Liabilities Stockholders' Equity Cash b. Will all businesses have the same number of accounts?

Explanation / Answer

Answer(a): Accounting equation: Assets = Liabilities + Equity

These are the expenses which should reflect in Income statement but if these are payable then these are the liabilities:

Expenses- Salaries expenses, Service revenue, Interest expenses, Utility expenses, Operating expenses, Rent revenue, Supplies expenses, Gasoline expenses.

Answer(b): No, not all businesses have the same number and types of accounts. It differs from business to business. It also depends upon the nature and type of business. If each and every business has all types of accounts, it increases their book keeping and accounting cost. Business should keep the appropriate and necessary accounts.

Assets Liabilities Equity Cash Notes payable Common stock Land Accounts payable Dividend Office furniture Utilities payable Retained earnings Trucks Supplies Computers Buildings

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