Principles of accounting and journal entries

Reference no: EM1357032

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: EM1357032

Questions Cloud

How http and smtp figure into organizational security : Users are familiar with some network services like HTTP (Hypertext Transport Protocol) - the Web; and SMTP. Tell us more about these services. How do they figure into organizational security? Elaborate with specifics.

What are the risks involved when using hardball tactics : What are the risks involved when using hardball tactics and how can these risks be downplayed or ameliorated?

What is the kinetic energy of the aircraft : The electric field 5.90 from a very long charged wire is ( 2300 ,toward the wire).What is the charge (in nC) on a 1 cm-long segment of the wire.

Post-traumatic stress disorder to adult : My cousin got post-traumatic stress disorder (PTSD) as an adult. Most of it was blamed on his childhood issues that were unresolved. I think that if there are issues that are severe and they are never dealt with then they could cause PTSD.

Principles of accounting and journal entries : 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.

Find the cost of retained earnings : Pony Corporation is undertaking a capital budgeting analysis. The firm's beta is 1.5. The rate on thirty year U.S. Treasury bonds is 5 percent, and the return on the S&P 500 index is 12 percent.

Customer satisfaction and customer loyalty : Customer Satisfaction and Customer Loyalty - Explain how does building relationships tie into customer satisfaction and customer loyalty?

Illustrate car production capital intense relative textile : Illustrate car production is capital intense relative to textiles. The US is capital abundant and China is labor abundant. Under trade, both countries produce both goods. If the labor endowment were to increase in the US, this would.

Journal entries for restructured long-term debt : Your company is in financial trouble and is in the process of reorganizing. Your manager wants to know how you will report on restructuring the debt. Use the following information to help with this assignment. Prepare journal entries for debt rest..

User Account

All Pages