Framing art INC should deposit $278.92 in this account to have the cash available in 3 years to pay cash for both machines.
What is account?
- An account is a unique location within a ledger used to deposit balances and history of changes to those balances.
- A general ledger contains all the accounts used to deposit transactions related to a company's assets, liabilities, capital, income, and expenses. Similar to personal checking accounts, business checking accounts are typically used for day-to-day transactions of an organization such as: To shop or pay bills.
- Businesses can deposit and withdraw into these accounts and receive checks and debit cards to make purchases.
- The chart of accounts organizes finances into five main types of accounts called accounts.
- Assets, Liabilities, Equity, Income, Expenses.
- A business bank account is a bank account that is used only for commercial transactions and not for personal funds.
- Since it can be opened under the company name, payments and receipts can be made under the company name.
- A commercial bank account functions similarly to a private bank account.
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