How will the general ledger accounts in the trial balance most likely differ if the company were a retail store rather than a wholesale company?
A general ledger account is used to record transactions that a company has. A trial balance has all of the general ledger accounts listed shows all of the debits and credits that a company has faced. A retail store will have smaller product transactions over a wholesale store due to the wholesale store selling in bulk. There will likely be more credits and debits for a retail store whereas a wholesale store may have more debits as they are less likely to have returns.
How will they differ for a hospital or a government unit?
A hospital or government unit will have vastly different general ledger reports due to the type of agency they are. These transactions will deal more with insurance or big dollar companies rather than individuals on a smaller scale. A trial balance is not a financial statement but it used to show balances that an organization has.
A note is transacted through a single lender but it is similar to a bond payable.
<h3>What are bonds?</h3>
Bonds are the trading securities in the stock market which provide a constant amount of interest to the holder of bonds.
A note is a kind of debt where one party, that is, the payer agrees to pay back against the amount taken from the other party, that is, the lender. In the case of bonds, they are issued by companies to a large group of investors, called bond investors. Both are debts but contrasted on the basis of a number of lenders.
Therefore, the bond payable is similar to the note but differentiated due to the involvement of only one lender.
Learn more about the bonds in the related link:
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