Option #$1$: Problem Set

For this Critical Thinking Assignment option, complete the following Review Questions from Chapter $4$ of the Financial Management and Accounting Fundamentals for Construction textbook, listed on pp$.93-94.$

Review Question $1$

What is the difference between journalizing and posting?

Review Question $4$

Journalize the following transactions for Tip Top Associates, Inc., incurred during the month of July $19$X$4($assume accrual basis$)$:

$\backslash$table$[[6-$Jul,Initializing capital deposited in bank,$$12,000$