Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these
Accounting rules for journal entries:
- To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.
- To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.
Franchises: It refers to the contract which provides the right to franchisee under which he can sell specific products and render various services by utilization of trademarks granted by franchisor.
Research and Development Cost: Research and development cost refers to that cost which is incurred by an organization in the process of developing a new product.
Amortization: Amortization refers to the amount of
Intangible Assets: Intangible assets refer to those assets owned by the organization which do not have a physical appearance but are used to generate a value for the business.
Main components of balance sheet are assets, liabilities and
To Prepare: The journal entries for given transactions,

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Chapter 10 Solutions
ACCOUNTING PRINCIPLES
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