In general the accounting equation states that assets equals liabilities plus equity i.e. Assets = Liabilities + Equity. In simple terms the total of assets must equal the total of liabilities and equity.
Journal:
In book keeping the procedure of recording financial transaction in date wise order is known as journal. It is referred commonly as the book of original entry.
Ledger:
Ledger is called as the book of final entry. It is a record of financial transactions in a summarized and classified form with debits and credits and shows the beginning and ending balances.
Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment (1) $10,000 cash, (2) equipment worth $80,000 and (3) to assume responsibility for a $28,000 note payable related to the equipment. For this transaction, (a) analyze the transaction using the accounting equation, (b) record the transaction in

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Chapter 2 Solutions
FUND OF ACCOUNTING PRIN W/ACC <CUSTOM>
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