Which of the following accounts belong in the general ledger?
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To determine which accounts belong in the general ledger, we need to identify the types of accounts typically included in a general ledger.
The general ledger is the primary accounting record of a business, where all financial transactions are recorded and organized into specific accounts. It contains both balance sheet accounts and income statement accounts.
Balance sheet accounts represent the financial position of a company at a specific point in time, including assets, liabilities, and equity. Common balance sheet accounts include:
1. Cash
2. Accounts Receivable
3. Inventory
4. Accounts Payable
5. Long-term Debt
6. Equity accounts (such as common stock and retained earnings)
Income statement accounts track the revenue, expenses, gains, and losses of a company over a specific period. Common income statement accounts include:
1. Sales Revenue
2. Cost of Goods Sold
3. Operating Expenses (such as wages, rent, and utilities)
4. Depreciation Expense
5. Interest Expense
6. Income Tax Expense
Therefore, any accounts that fall into the above categories would belong in the general ledger. It's important to note that the specific accounts included in a general ledger may vary depending on the nature of the business and its reporting requirements.