Posted: April 20th, 2022

I have taken on the job of tre

Question Assignment description

I have taken on the job of treasurer and, I am establishing accounts for a gymnastics booster membership.  We accumulate $800 from every gymnast twice a yr.  This cash is deposited into a person gymnast Assessment account and all competitors bills are deducted and paid from these accounts.  Collectively, all of this cash is situated in an Assessment checking account.  I have arrange our Basic Fund and Assessment checking accounts as asset accounts, and I arrange every gymnast’s account as an accounts payable account.  So the whole credit score steadiness of all the gymnasts’ accounts equals the debit steadiness of the Assessment checking account.  Here is my Question Assignment:  One gymnasts began this accounting interval with a unfavorable steadiness in her particular person account.  How do I set her account up and document the transaction when she brings her account updated?

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