Question

open a virtual company,assign a business name to your company, Make 20 transaction and make journal,ledger,trial balance,income statement,balance sheet,cash flow statement of your company.

Answer 1

open a virtual company,assign a business name to your company, Make 20 transaction and make journal,ledger,trial balance,income statement,balance sheet,cash flow statement of your company.

Answer 2

Explanation:

☑️ A chronological record of all transactions is kept in a journal used to track all bookkeeping entries.

For example, the journal entry for a transaction involving a cash payment for a new stapler might debit the cash account by the amount paid and credit the office supplies account for the value of the stapler.

Bookkeeping is the task of recording all business transactions—amounts, dates, and sources of all business revenue, gain, expense, and loss transactions. Bookkeeping is the starting point of the accounting process. Having accurate financial records helps managers and business owners answer important questions. Is the business making money, or losing it? How much? Is the business on sound financial ground, or are troubling trends in cash flow pointing to an instability of some kind? A sound bookkeeping system is the foundation for gathering the information necessary to answer these questions.