Explain the basics of accounting

Assignment Help Accounting Basics

Reference no: EM13145277

Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.

• Explain to him the rules of debits and credits for the balance sheet and income statement.

• Provide examples from the manufacturing industry of:

a journal entry that would be recorded that impacts the balance sheet.

a journal entry that would be recorded affecting the income statement.

• Please provide the assumptions behind the transactions and the full journal entries.

Reference no: EM13145277

Questions Cloud

Describe what would an overall underlying theme : Describe what would an overall underlying theme that connects all body systems.

Journal entry to record transaction by perpetual inventory : On December 1, 2008, ABC Linens sold merchandise which costs $400 on account to the Green Hotel Co. for $600 with terms of 3/10, n/30. ABC Linens uses a perpetual inventory system. The journal entry to record this transaction on ABC Linens' books ..

Draw the corresponding mrna sequence : Which strand of DNA is transcribed and in which direction? Show your reasoning.

Find the mean of annual household incomes of city : The city are below $25,000. Find the mean of the annual household incomes of this city. It is assumed that the annual household incomes follow a normal distribution.

Explain the basics of accounting : Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.

What is the value of the equilibrium constant : For the reaction:2CH4(g) C2H2(g) + 3H2(g) 0.115 mole of CH4 was placed in a 1.00 L container. At equilibrium it was found that the [C2H2] = 0.035 M. What is the value of the equilibrium constant?

Financial catastrophe : The project would focus on exploring how the different schemes have catered for different population groups, both in terms of enrollment and in terms of access to services.

Cost of inventory acquired from estate : Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Rivers Associates' warehouse was $1,800. Rivers Associates insured the shipment at a cost of $300. Prior to putting the goods up for sale, they cleaned and re..

Is a vitamin an organic molecule : Is a vitamin an organic molecule? and if so of which kind: a carbohydrate, lipid, protein, or nucleic acid?

User Account

All Pages