PA8. LO 8.6 Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to whataccount the entry will be recorded.TransactionNo Journal Entry NeededJournal Entry NeededDebitCreditOutstanding checkInterest incomeNFS checkWire transfer by customerDeposit in transitBank chargesTable 8.2

Outstanding Check - No journal entry

Answered: PA8. LO 8.6 Which of the following…

PA8. LO 8.6 Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

PA8. LO 8.6 Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what
account the entry will be recorded.
Transaction
No Journal Entry Needed
Journal Entry Needed
Debit
Credit
Outstanding check
Interest income
NFS check
Wire transfer by customer
Deposit in transit
Bank charges
Table 8.2

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