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Consider the following selected account balances of The Gathering Sound, Inc. at the end of the year:
Cost of Sales $7,950
Rent Expense $4,020
Utilities Payable $400
Cash $20,700
Sales $1,700
Accounts Receivable $3,060
Retained Earnings $12,900
Prepaid Insurance $3,250
Utilities Expense $800
Common Stock $7,005
Problem 1: How many of these accounts would appear in The Gathering Sound's year-end balance sheet?
Option 1: Three
Option 2: Four
Option 3: Five
Option 4: Six
Option 5: Seven
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