[bluedenim]

OK the question is to present the accounts and balances in the form of the accoutnign equation
Assets=liabilies+shareholders Equity

I am assuming this means:
assetts=Liabilites+owners Equity-drawings+revenues-expenses

would this be correct?

if so I can not get it to balance.

I am assuming the following would be assets
accounts recievable
cash
dividends payable
gains on assets
Intangible assets
inventories
other assets
pre paid expenses

Liabilities would be:
accounts payable/accured expenses
long term debt
other liabilites

I am assuming revenue is:
sales revenues

I am assuming expenses are:
cost of goods and sold expenses
Depretiation/amortization expenses
income tax expenses
interest expenses
operating expenses
property/equiptment/plant

what am I doing wrong here?

[CaptainForest]

Mistakes that I have noticed:

All Payable are liabilities. Therefore, dividends payable should not be under assets, but under liabilities.

Same for gains, they are like revenue, which is an income statement account, but are reflected by increasing equity on the right side of your equation, so it is a credit. Gains on assets is basically a revenue type account.

property/equiptment/plant are ASSETS, not expense. They could include machinery, computers, buildings, land, etc.

Remember:
The word payable means liability.
The word expense means an expense.
The word gain means revenue.