Exercise 1-12a

The following account titles were drawn from the general ledger of gutter control inc (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 and retained earnings.

A) Create an accounting equation using the elements: assets, liabilities and stockholders