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?

What are source documents? Provide examples of different types of source documents that a business might use.

If total debits equal total credits on the trial balance, is the trial balance error free? Explain your answer.

Use a T-Account. 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 $4,500

Cash sales amounting to $12,000