Answer :
The sum used to record this acquisition in the buyer's accounting records is $37,094.
What are Accounting records ?
Accounting records are every document that is necessary for accounting, from the creation of financial statements through their completion, which enables audits to be performed on them. These accounting documents include ledgers, journals, ledger entries, and so forth.
Types :
- Transactions : Any accounting record begins with the transaction. It serves as the starting point for all accounting records and details the transactions a business has, such as what has been purchased, sold, depreciated, etc.
- Journals : Journals keep a complete record of every transaction a business conducts. Different journals can be used for various aspects of the business, but they must be maintained current and recorded in order to be used.
- General ledgers : In accounting, it is a bookkeeping ledger that collects journal transactions and classifies them according to type. Since the general ledger (GL) is a series of numbered accounts used by businesses to keep their finances in control, organized, and categorized when the time for financial statements come, you just shift your transactions from your journal to the general ledger to know the type that they are.
- Trial balances : It is the addition or total of all of your business cycle-related credits and debits. This process aids in balancing entries. If they are not, it will be assumed that there is fraud or that there is an issue that has to be fixed.
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