(a)
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.
To prepare: Journal entries for the admission of T under each of the following independent assumption.
(b)
(1) T cash investment (2) Bonus to the new Partner.

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Chapter 12 Solutions
ACCOUNTING PRINCIPLES-W/WILEYPLUS
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