Question

In: Accounting

You are the accountant for an international shipping company. Provide the names of two asset accounts,...

You are the accountant for an international shipping company. Provide the names of two asset accounts, liabilityaccounts, and equity accounts for your company. Also describe the kinds of transactions that can be recorded in a general journal. Should a transaction be recorded first in a journal or a ledger?

Solutions

Expert Solution

Two Assets Accounts Are as Follows:

1. Vessel Cash Account: Records Cash with the vessel and handed over at different ports(Current Asset)

2. Vessels: It Includes the Vessels owned by the Company(Fixed Assets)

Two Liability Account:

1. Advance Freight Received: Deals with advance freight received for goods to supplied yer(Current Liability)

2. Crew Wages: Maintain records of payment to the crew.

Two Equity Account:

1. Common Equity: Common Equity issued at Par

2.Additional Paid up equity: Value over the par value received if any

General Journal or also known as Journal Proper used to record entry pertaining to opening balances, closing balances or any adjustments or rectifications if any. Example of General Journal is Purchase of Asset on the account, rectification of errors or any adjusting entry required all things will be done through General Journal.

In The Sequence of Proper and Systematic accounting, a Transaction is first to be recorded in Journal which is also known as Primary Record of every transaction and then from Journal the same should be transferred to ledger


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