Question: In chapter #2, we are introduced to double-entry accounting where all changes in account balances are impacted with either a debit or a credit.

• What is a T-Account?On which side is the debit and on which side is the credit?Does this hold true under all circumstances?

• The book touches up on "source documents" which are used as documents to support journal entries made in the Accounting system?Provide examples of different types of source documents that a business might use.

• Newman company made a purchase of office supplies "on account".How will this transaction impact Newman's accounting equation?Be sure to specify both sides of the accounting equation!

• Newman production services has the following transactions for the year:Beginning cash balance of $45,000
• Accounts receivable arising from credit sales of $45,000
• Cash collections on credit sales of $30,000
• Utility bill received but not yet paid of $5,000
• Owner investment of $7,500
• Owner withdrawal of $6,500
• Cash sales amounting to $12,000

What is the ending cash balance as a result of the you recording all of the above transactions?