What is account?

An account is an individual accounting record of increases and decreases in a specific asset, liability, or Owner's equity item.

Problems: The Recording Process

Problem-1: The Recording Process

Holz Disc Golf Course was opened on March 1 by Ian Holz. The following selected events and transactions occurred during March. Mar 1Invested $20,000 cash in the business 3Purchased Rainbow...

Problem-2: The Recording Process

Emily Valley is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred: April 1Invested $20,000 cash in her business 1Hired...

Problem-3: The Recording Process

Maquoketa Services was formed on May 1, 2018. The following transactions took place during the first month. Transactions on May 1 1Jay Bradford invested $40,000 cash in the company, as...

Problem-4: The Recording Process

The trial balance of Avtar Sandhu Co. Shown below does not balance AVTAR SANDHU CO.Trial BalanceJune 30, 2019 Each of the listed accounts has a normal balance per the general...

Problem-5: The Recording Process

The Starr Theater, owned by Meg Vargo will begin operation in March. The Starr will be unique in that it will show only triple features of sequential theme movies. As...

Problem-6: The Recording Process

Kim Yi has prepared the following list of statements about accounts: An account is an accounting record of either a specific asset or a specific liability. An account shows only...

Problem-7: The Recording Process

Selected transactions for A. Mane, an interior decorator, in her first month of business, are as follows: Jan. 2Invested $10,000 cash in the business 3Purchased used car for $3,000 cash...

Problem-8: The Recording Process

The following information relates to Sanculi Real Estate Agency: Oct. 1Alan Sanculi begins business as a real estate agent with a cash investment of $15,000 2Hires an administrative assistant. 3Purchases...

Problem-9: The Recording Process

Marx Industries had the following transactions: Borrowed $5,000 from the bank by signing a note. Paid $3,100 cash for a computer. Purchased $850 of supplies on account. Instructions Indicate what...

Problem-10: The Recording Process

Halladay Enterprises had the following selected transactions: 1Bo Halladay invested $4,000 cash in the business. 2Paid office rent of $840. 3Performed consulting services and billed a client $5,200 4Bo Halladay...

Problem-11: The Recording Process

Teresa Alvarez has prepared the following list of statements about the general ledger: The general ledger contains all the asset and liability accounts but no owner's equity accounts. The general...

Problem-12: The Recording Process

Selected transactions from the journal of June Feldman, Investment broker, are presented below. Instructions Post the transactions to T-accounts. Prepare a trial balance at August 31, 2020.

Problem-13: The Recording Process

The T-accounts below summarize the ledger of Daggett Landscaping Company at the end of the first month of operations. Instructions Prepare the complete general journal (including explanations) from which postings...

Problem-14: The Recording Process

Presented below is the ledger for Shumway Co. Instructions Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each. Determine...

Problem-15: The Recording Process

Selected transactions for Dianne Burke Company during its first month in business are presented below. Sept. 1Invested $10,000 cash in the business. 5Purchased equipment for $12,000 paying $4,000 in cash...

Problem-16: The Recording Process

The bookkeeper for J.L. Kang Equipment Repair made a number of errors in journalizing and posting, as described below. A credit posting of $525 to Accounts Receivable was omitted A...

Problem-17: The Recording Process

The accounts in the ledger of Overnite Delivery Service contain the following balances on July 31, 2019 Accounts Receivable$7,642Prepaid Insurance$1,968 Accounts Payable8,396Maintenance and Repairs Expense961 Cash?Service Revenue10,610 Equipment49,360Owner's Drawings700 Gasoline...

The Recording Process

What is account?

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