Journal entries : It is a book of original entry. It records and summarizes financial transaction of an entity in chronological manner, generally according to dual aspect of accounting. Accounting rules regarding journal entries : Balance increase when : Assets, losses and expenses get debited and liabilities, gains, and revenue get credited. Balance decrease when : Assets, losses and expenses get credited and liabilities, gains, and revenue get debited. To prepare: Journal entries of issuance of shares (a) shares sell for $5 cash per share, (b) $6 cash per share.

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Answer 1

Question

Chapter 11, Problem 2QS

To determine

Journal entries:

It is a book of original entry. It records and summarizes financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To prepare: Journal entries of issuance of shares (a) shares sell for $5 cash per share, (b) $6 cash per share.

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Answer 2

Question

Chapter 11, Problem 2QS

To determine

Journal entries:

It is a book of original entry. It records and summarizes financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To prepare: Journal entries of issuance of shares (a) shares sell for $5 cash per share, (b) $6 cash per share.

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Answer 3

Question

Chapter 11, Problem 2QS

To determine

Journal entries:

It is a book of original entry. It records and summarizes financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To prepare: Journal entries of issuance of shares (a) shares sell for $5 cash per share, (b) $6 cash per share.

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Answer 4

Question

Chapter 11, Problem 2QS

To determine

Journal entries:

It is a book of original entry. It records and summarizes financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To prepare: Journal entries of issuance of shares (a) shares sell for $5 cash per share, (b) $6 cash per share.

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Answer 5

Chapter 11, Problem 2QS

To determine

Journal entries:

It is a book of original entry. It records and summarizes financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To prepare: Journal entries of issuance of shares (a) shares sell for $5 cash per share, (b) $6 cash per share.

Answer 6

Chapter 11, Problem 2QS

To determine

Journal entries:

It is a book of original entry. It records and summarizes financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To prepare: Journal entries of issuance of shares (a) shares sell for $5 cash per share, (b) $6 cash per share.

Answer 7

Chapter 11, Problem 2QS

To determine

Journal entries:

It is a book of original entry. It records and summarizes financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To prepare: Journal entries of issuance of shares (a) shares sell for $5 cash per share, (b) $6 cash per share.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 11 - Prob. 1MCQ Ch. 11 - Prob. 2MCQ Ch. 11 - Prob. 3MCQ Ch. 11 - Prob. 4MCQ Ch. 11 - Prob. 5MCQ Ch. 11 - Prob. 1DQ Ch. 11 - Prob. 2DQ Ch. 11 - Prob. 3DQ Ch. 11 - Prob. 4DQ Ch. 11 - Prob. 5DQ

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