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Excercise 1-12A ACCOUNTING TITLES AND THE ACCOUNTING EQUATION

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Question;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;Service Revenue, Interest Expense, Utilities Payable, Utilities Expense;Trucks, Supplies, Operating Expense, Rent Revenue, Dividends, Computers;Building, Supplies Expense, Gasoline Expense, Retained Earnings Dividends.;Required;a. Create an;accounting equation using the elements assets, liabilities and stockholders?;equity. List each account title under the element of the accounting equation to;which it belongs.;b. Will all;businesses have the same number of accounts? Explain your answer

 

Paper#43322 | Written in 18-Jul-2015

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