Accounting Discussion Questions-Must be 100% Authentic

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