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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Which of the following is a temporary account?A. EquipmentB. Accounts PayableC. Utilities ExpenseD. Common Stock

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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