Ivan Klumb has just rented space in a strip mall. In this space, he will open a

Question:

Ivan Klumb has just rented space in a strip mall. In this space, he will open a photography studio, to be called "Picture This!" A friend has advised Ivan to set up a double-entry set of accounting records in which to record all of his business transactions.
Identify the accounts that Ivan will likely need to record the transactions needed to open his business. Indicate whether the normal balance of each account is a debit or credit.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...