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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