H.T.S. Crest Holy Trinity School

Grade 9 Business
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Frequently Asked Questions

> Q: What element of the accounting equation would a telephone bill
> (already paid) and a hydro bill (already paid) go under??

A: Both of these bills would represent expenses. Expenses, 
as I'm sure you know, fall under the OWNER'S EQUITY 
section of the accounting equation.

I had to be clear about the fact that these bills were ALREADY PAID. 
Otherwise, one could also argue that they represent account payables, 
which would fall under LIABILITIES.

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