The following account titles were drawn from the general ledger of Holt Food Supplies, Incorporated (HFSI): Computers, Operating Expenses, Rent Revenue, Building, Cash, Notes Payable, Land, Utilities Payable, Utilities Expense, Trucks, Gasoline Expense, Retained Earnings, Supplies, Accounts Payable, Office Furniture, Salaries Expense, Common Stock, Service Revenue, Interest Expense, Dividends, Supplies Expense. Required a. List each account title under the element of the accounting equation to which it belongs. Assets Liabilities + Stockholders' Equity %3D %3D %3D + %3D %3D + + + + %3D b. Will all businesses have the same number of accounts? O Yes O No
The following account titles were drawn from the general ledger of Holt Food Supplies, Incorporated (HFSI): Computers, Operating Expenses, Rent Revenue, Building, Cash, Notes Payable, Land, Utilities Payable, Utilities Expense, Trucks, Gasoline Expense, Retained Earnings, Supplies, Accounts Payable, Office Furniture, Salaries Expense, Common Stock, Service Revenue, Interest Expense, Dividends, Supplies Expense. Required a. List each account title under the element of the accounting equation to which it belongs. Assets Liabilities + Stockholders' Equity %3D %3D %3D + %3D %3D + + + + %3D b. Will all businesses have the same number of accounts? O Yes O No
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:The following account titles were drawn from the general ledger of Holt Food Supplies, Incorporated (HFSI): Computers, Operating
Expenses, Rent Revenue, Building, Cash, Notes Payable, Land, Utilities Payable, Utilities Expense, Trucks, Gasoline Expense, Retained
Earnings, Supplies, Accounts Payable, Office Furniture, Salaries Expense, Common Stock, Service Revenue, Interest Expense,
Dividends, Supplies Expense.
Required
a. List each account title under the element of the accounting equation to which it belongs.
Assets
Liabilities
Stockholders' Equity
%3D
+
%3D
+
%3D
%3D
%3D
+
%3D
+
%3D
+
%3D
+
+
+
b. Will all businesses have the same number of accounts?
O Yes
O No
+|+
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