Journalize and Post Basic Transactions

question 125

Essay

Journalize and post basic transactions
Precision Grading Co.was organized to grade construction sites.
* On June 1,owner Dave Precision deposited $90,000 in a new bank account opened in the name of the business in exchange for stock.
* On June 3,the company acquired grading equipment costing $89,000,paying $43,000 cash and signing a note payable for the balance.
* On June 10,the company paid $13,000 of the amount owed for equipment acquired on June 3.
Instructions: Journalize these three transactions and post to the ledger accounts.

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Definitions:

Audit Process

A systematic examination of books, accounts, documents, and vouchers of an organization to ascertain how far the financial statements present a true and fair view.

Social Responsibility

The concept of organizations and individuals acting in a manner that considers the long-term impacts of their actions on the environment and society as a whole.

Ethics-Auditing

The process of reviewing and assessing the moral and ethical standards and practices within an organization to ensure compliance and integrity.

Auditing Activity

The systematic examination and evaluation of the financial statements, records, and operations of an organization to ensure accuracy and compliance with established standards.