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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