In chapter #2, we are introduced to double-entry accounting where all changes in account balances are impacted with either a debit or a credit.

  • What is a T-Account? On which side is the debit and on which side is the credit? Does this hold true under all circumstances?
  • What are source documents? Provide examples of different types of source documents that a business might use.
  • If total debits equal total credits on the trial balance, is the trial balance error free? Explain your answer.
  • Newman production services has the following transactions for the year:
    • Beginning cash balance of $45,000
    • Accounts receivable arising from credit sales of $45,000
    • Cash collections on credit sales of $30,000
    • Utility bill received but not yet paid of $5,000
    • Owner investment of $7,500
    • Owner withdrawal of $4,500
    • Cash sales amounting to $12,000

What is the ending cash balance as a result of the you recording all of the above transactions?

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