The Following List of Accounts Is for Shannon Sales Co

question 111

Essay

The following list of accounts is for Shannon Sales Co.:
Use the form below to identify the type of account and its normal balance. The first one has been done for you as an example.

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Definitions:

Journal Entries

Records of the financial transactions of a business that are entered into its accounting system.

Posting

The process of recording financial transactions in the ledger of a business.

Chart of Accounts

A structured list of all the financial accounts in the general ledger of a company, used for organizing transactions and reporting financial data.

Ledger Accounts

These are individual financial accounts within the accounting system of an organization that record specific transactions related to assets, liabilities, equity, revenue, and expenses.