I have taken on the job of tre

Price: $35 USD

Question description

I have taken on the job of treasurer and, I am setting up accounts for a gymnastics booster club.  We collect $800 from each gymnast twice a year.  This money is deposited into an individual gymnast assessment account and all competition expenses are deducted and paid from these accounts.  Collectively, all of this money is located in an Assessment checking account.  I have set up our General Fund and Assessment checking accounts as asset accounts, and I set up each gymnast's account as an accounts payable account.  So the total credit balance of all the gymnasts' accounts equals the debit balance of the Assessment checking account.  Here's my question:  One gymnasts started this accounting period with a negative balance in her individual account.  How do I set her account up and record the transaction when she brings her account up to date?

Tutor Answer

(Top Tutor) Daniel C.
School: UC Berkeley
Studypool has helped 1,244,100 students
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1827 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors