Accounting Discussion Questions-Must be 100% Authentic

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PLEASE ANSWER QUESTIONS 1-3 WITH A 100-150 WORD RESPONSE, PLEASE USE DIFFERENT RESOUCRCES FOR EACH QUESTION, THEN FOR QUESTIONS 4- NUMBERS (1-5) EACH NEED TO HAVE A 100 WORD RESPONSE. MUST BE 100% AUTHENTIC

  • When a chart of accounts is created, number gaps are left within groups of accounts. Why are these number gaps necessary?
  • What is the purpose of the general ledger and why are transactions posted there? Provide an example of when you would use a general ledger.
  • Why is Prepaid Rent considered an asset account?
  • Indicate whether each of the following types of accounts would normally have a debit balance or a credit balance:
  • An asset account
  • A liability account
  • The owner’s capital account
  • A revenue account
  • An expense account

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