The detailed record of the changes in a particular asset, liability, or owner’s equity is called Learning Objective 1 a. an account. b. a journal. c. a ledger. d. a trial balance .

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Answer 1

Textbook Question

Chapter 2, Problem 1QC

The detailed record of the changes in a particular asset, liability, or owner’s equity is called
Learning Objective 1
a. an account.
b. a journal.
c. a ledger.
d. a trial balance.

Expert Solution & Answer

To determine

Concept Introduction

Assets: Assets are tangible and intangible resources owned and controlled by a company as a result of past transactions, from which economic benefits are expected to the company. It includes land, machines, cash, etc.

Liability: Liabilities are obligations or payable by the company.

Equity: Equity or capital is the investment of the owner of the company and it is the portion of the total assets that the owner of the business owns.

To find: The name for the detailed record of the changes in a particular asset liability or stockholders' equity.

Answer: An account.

Explanation of Solution

The detailed record of the changes in a particular asset liability or stockholders' equity is called an account.

An account is a chronological record of changes in the value of equity, assets and liabilities, in which every debit and credit transaction gets recorded separately for each asset, liability and equity.

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Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2025, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $16,800, direct labor $10,080, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $102,480 and $132,720, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $75,600 on account. 2. Incurred factory labor costs of $58,800. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various other…

General Accounting question

Answer 2

Textbook Question

Chapter 2, Problem 1QC

The detailed record of the changes in a particular asset, liability, or owner’s equity is called
Learning Objective 1
a. an account.
b. a journal.
c. a ledger.
d. a trial balance.

Expert Solution & Answer

To determine

Concept Introduction

Assets: Assets are tangible and intangible resources owned and controlled by a company as a result of past transactions, from which economic benefits are expected to the company. It includes land, machines, cash, etc.

Liability: Liabilities are obligations or payable by the company.

Equity: Equity or capital is the investment of the owner of the company and it is the portion of the total assets that the owner of the business owns.

To find: The name for the detailed record of the changes in a particular asset liability or stockholders' equity.

Answer: An account.

Explanation of Solution

The detailed record of the changes in a particular asset liability or stockholders' equity is called an account.

An account is a chronological record of changes in the value of equity, assets and liabilities, in which every debit and credit transaction gets recorded separately for each asset, liability and equity.

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Answer 3

Textbook Question

Chapter 2, Problem 1QC

The detailed record of the changes in a particular asset, liability, or owner’s equity is called
Learning Objective 1
a. an account.
b. a journal.
c. a ledger.
d. a trial balance.

Expert Solution & Answer

To determine

Concept Introduction

Assets: Assets are tangible and intangible resources owned and controlled by a company as a result of past transactions, from which economic benefits are expected to the company. It includes land, machines, cash, etc.

Liability: Liabilities are obligations or payable by the company.

Equity: Equity or capital is the investment of the owner of the company and it is the portion of the total assets that the owner of the business owns.

To find: The name for the detailed record of the changes in a particular asset liability or stockholders' equity.

Answer: An account.

Explanation of Solution

The detailed record of the changes in a particular asset liability or stockholders' equity is called an account.

An account is a chronological record of changes in the value of equity, assets and liabilities, in which every debit and credit transaction gets recorded separately for each asset, liability and equity.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

02:16

Answer 4

Textbook Question

Chapter 2, Problem 1QC

The detailed record of the changes in a particular asset, liability, or owner’s equity is called
Learning Objective 1
a. an account.
b. a journal.
c. a ledger.
d. a trial balance.

Expert Solution & Answer

To determine

Concept Introduction

Assets: Assets are tangible and intangible resources owned and controlled by a company as a result of past transactions, from which economic benefits are expected to the company. It includes land, machines, cash, etc.

Liability: Liabilities are obligations or payable by the company.

Equity: Equity or capital is the investment of the owner of the company and it is the portion of the total assets that the owner of the business owns.

To find: The name for the detailed record of the changes in a particular asset liability or stockholders' equity.

Answer: An account.

Explanation of Solution

The detailed record of the changes in a particular asset liability or stockholders' equity is called an account.

An account is a chronological record of changes in the value of equity, assets and liabilities, in which every debit and credit transaction gets recorded separately for each asset, liability and equity.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Concept Introduction

Assets: Assets are tangible and intangible resources owned and controlled by a company as a result of past transactions, from which economic benefits are expected to the company. It includes land, machines, cash, etc.

Liability: Liabilities are obligations or payable by the company.

Equity: Equity or capital is the investment of the owner of the company and it is the portion of the total assets that the owner of the business owns.

To find: The name for the detailed record of the changes in a particular asset liability or stockholders' equity.

Answer: An account.

Explanation of Solution

The detailed record of the changes in a particular asset liability or stockholders' equity is called an account.

An account is a chronological record of changes in the value of equity, assets and liabilities, in which every debit and credit transaction gets recorded separately for each asset, liability and equity.

Answer 8

Expert Solution & Answer

To determine

Concept Introduction

Assets: Assets are tangible and intangible resources owned and controlled by a company as a result of past transactions, from which economic benefits are expected to the company. It includes land, machines, cash, etc.

Liability: Liabilities are obligations or payable by the company.

Equity: Equity or capital is the investment of the owner of the company and it is the portion of the total assets that the owner of the business owns.

To find: The name for the detailed record of the changes in a particular asset liability or stockholders' equity.

Answer: An account.

Explanation of Solution

The detailed record of the changes in a particular asset liability or stockholders' equity is called an account.

An account is a chronological record of changes in the value of equity, assets and liabilities, in which every debit and credit transaction gets recorded separately for each asset, liability and equity.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Concept Introduction

Assets: Assets are tangible and intangible resources owned and controlled by a company as a result of past transactions, from which economic benefits are expected to the company. It includes land, machines, cash, etc.

Liability: Liabilities are obligations or payable by the company.

Equity: Equity or capital is the investment of the owner of the company and it is the portion of the total assets that the owner of the business owns.

To find: The name for the detailed record of the changes in a particular asset liability or stockholders' equity.

Answer: An account.

Answer 12

Explanation of Solution

The detailed record of the changes in a particular asset liability or stockholders' equity is called an account.

An account is a chronological record of changes in the value of equity, assets and liabilities, in which every debit and credit transaction gets recorded separately for each asset, liability and equity.

Answer 13

Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability?...Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct?...Ch. 2 - Your business purchased office supplies of $2,500...Ch. 2 - Sedlor Properties puchased office supplies on...Ch. 2 - Posting a $2,500 purchase of office supplies on...Ch. 2 - Pixel Copies recorded a cash collection on account...Ch. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathvile Laundry reported assets of $800 and...

The detailed record of the changes in a particular asset, liability, or owner’s equity is called Learning Objective 1 a. an account. b. a journal. c. a ledger. d. a trial balance .

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