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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02:16

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128361 MENTS was extracted by as at 30 June 2018. als to agree. 30 June 2018 Dr with each other. Trial Balance as at 31 December 2017 32.7X D. Fearon extracted the following trial balance from his books. He could not get the totals to agree Dr Cr Cr $ $ $ $ 87,050 Capital 25,621 62,400 Drawings 13,690 110° 305 410 Sales 94,630 Multiple Each multipl answers: (A) question and (B), (C) or (D piece of pape of questions written atter When you your answer 3,168 Purchases 258 60,375 61 A debit 595 Returns inwards and outwards 1,210 1,109 10,000-35 Wages and salaries 2,000 14,371 12,490 Sundry expenses чут -598 8,120 5,045 Inventory 1.1.2017 8,792 168 account (A) we (B) we (C) we h that 6,790+85 Accounts receivable and accounts 16811,370 4,290 (D) we payable 4,520 Loan from J. Chandler 2000 62 Inventor 5,000 17,017 Equipment 16,000 period is 1,134 Bank 1500 (A) carri 5,790 109,522 109,522 Suspense (B) carri 1,546 (C) tran 132,196 132,196 nd: by $350. ercast by $100. 50, have been entered in n…

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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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02:16

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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