Is a record containing all accounts used by a company including account balances?

Question: Denzel Brooks opened a web consulting business called Venture Consultants and completed the following transactions in March.

March 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock.

2 The company prepaid $6,000 cash for six months’ rent for an office. (Hint: Debit Prepaid Rent for $6,000.)

3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days.

6 The company completed services for a client and immediately received $4,000 cash.

9 The company completed a $7,500 project for a client, who must pay within 30 days.

12 The company paid $4,200 cash to settle the account payable created on March 3.

19 The company paid $5,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $5,000.)

22 The company received $3,500 cash as partial payment for the work completed on March 9.

25 The company completed work for another client for $3,820 on credit.

29 The company paid $5,100 cash in dividends.

30 The company purchased $600 of additional office supplies on credit.

31 The company paid $500 cash for this month’s utility bill.

Required

2. Open the following ledger accounts—their account numbers are in parentheses (use the balance column

format): Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128);

Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Common Stock (307);

Dividends (319); Services Revenue (403); and Utilities Expense (690). Post the journal entries from

part 1 to the ledger accounts and enter the balance after each posting.

Analyzing effects of transactions on accountsA1Groro Co. bills a client $62,000 for services provided and agrees to acceptthe following three items in full payment: (1) $10,000 cash, (2) computerequipment worth $80,000, and (3) to assume responsibility for a $28,000note payable related to the computer equipment. The entry Groro makes torecord this transaction includes which one or more of the following?a$28,000 increase in a liability accountb$10,000 increase in the Cash accountc$10,000 increase in a revenue accountd$62,000 increase in an asset accounte$62,000 increase in a revenue accountf$62,000 increase in an equity accountExercise 2-6Analyzing account entries and balancesA1Use the information in each of the following separate cases to calculate theunknown amount.aCorentine Co. had $152,000 of accounts payable on September 30 and$132,500 on October 31. Total purchases on account during Octoberwere $281,000. Determine how much cash was paid on accountspayable during October.bOn September 30, Valerian Co. had a $102,500 balance in AccountsReceivable. During October, the company collected $102,890 fromits credit customers. The October 31 balance in AccountsReceivable was $89,000. Determine the amount of sales on accountthat occurred in October.cDuring October, Alameda Company had $102,500 of cash receipts and$103,150 of cash disbursements. The October 31 Cash balance was$18,600. Determine how much cash the company had at the close ofbusiness on September 30.Exercise 2-7Preparing general journal entriesP1Prepare general journal entries for the following transactions of a newcompany called Pose-for-Pics.Aug.1Madison Harris, the owner, invested $6,500 cash and $33,500 of photography equipthe company.2The company paid $2,100 cash for an insurance policy covering the next 24 months5The company purchased office supplies for $880 cash.2The company received $3,331 cash in photography fees earned.

What is the record of all accounts and their balances used by a business called?

What is a record that contains all of the company's accounts?

What is a list of all accounts a company uses not including account balances?

What is the record of all accounts?