Accounting process in operation, Accounting Basics

Assignment Help:

Accounting process in operation

Micro Train Corporation is a small corporation that provides on-site personal computer software training using the clients' equipment. The company tenders beginning through advanced training with convenient scheduling. A small convoy of trucks transports personnel and teaching supplies to the clients' sites. The company lease a building and is responsible for paying the utilities.

We exemplify the capital stock transaction that occurred to form the company (in November) and the first month of operations (December). The accounting process utilized by this company is similar to that of any small company. The ledger accounts utilized by Micro Train Corporation are

409_Accounting process in operation.png


Notice the gaps absent between account numbers (100, 103, 107, etc.). These gaps permit the firm to later add new accounts between the existing accounts.


Related Discussions:- Accounting process in operation

Present Value, A $9,000 loan to be repaid in full at the end of five years....

A $9,000 loan to be repaid in full at the end of five years. Interest on the loan is payable quarterly. The interest rate is 8% compounded quarterly. What is the present value

Cash expenses, On January 1, 2012, the organizers of the Parsons Corporatio...

On January 1, 2012, the organizers of the Parsons Corporation contained their charter and issued 10,000 shares of $1 par common stock for $4 per share. During 2012, the corporation

What is current ratio in terms of accounting, Q. What is current ratio in t...

Q. What is current ratio in terms of accounting? The current ratio specifies the short-term debt-paying ability of a company. To find the current ratio we divide current assets

Explain about equity or net asset, Q. Explain about Equity or net asset? ...

Q. Explain about Equity or net asset? An equity or net asset is the residual interest in the assets of an entity that remains subsequent to deducting its liabilities and in the

Net Cash, The net cash provided by operating activities is affected by

The net cash provided by operating activities is affected by

Generate the cash flow of companies, Rondo plc, a sports apparel manufactur...

Rondo plc, a sports apparel manufacturer with a cost of capital of 13.75%, is looking to expand its activity and is considering two possible countries to open a sales subsidiary. R

Select Topic, A of Surat consigned goods to B of Jaipur to be sold at or ab...

A of Surat consigned goods to B of Jaipur to be sold at or above invoice price. B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price real

Based on the financial statements for jackson enterprises, Based on the fin...

Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios.

Taxation 1, How are gains from the sale of § 1244 stock treated? Gains on ...

How are gains from the sale of § 1244 stock treated? Gains on the sale of § 1244 stock is treated as

Suppose you want to have $5, Suppose you want to have $5,000 saved at the e...

Suppose you want to have $5,000 saved at the end of five years. The bank will pay 2% interest on your money. How much would you have to deposit today to have the $5,000 you want

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd