Recording entries in journal: Journal refers to the logging of a transaction into accounting journal items. The journal entry consists of different recordings, each of which is a debit or credit. Only the events that have an economic effect are recorded in journal entries, considering the rules of debit and credit. The procedure for debiting and crediting an account: Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited. Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited. Whether a debit or a credit is to be written first when entering a transaction in a journal.

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Answer 1

Question

Chapter 2, Problem 12Q

(a)

To determine

Recording entries in journal:

Journal refers to the logging of a transaction into accounting journal items. The journal entry consists of different recordings, each of which is a debit or credit. Only the events that have an economic effect are recorded in journal entries, considering the rules of debit and credit. The procedure for debiting and crediting an account:

Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

Whether a debit or a credit is to be written first when entering a transaction in a journal.

(b)

To determine

Whether debit or credit is to be indented.

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Answer 2

Question

Chapter 2, Problem 12Q

(a)

To determine

Recording entries in journal:

Journal refers to the logging of a transaction into accounting journal items. The journal entry consists of different recordings, each of which is a debit or credit. Only the events that have an economic effect are recorded in journal entries, considering the rules of debit and credit. The procedure for debiting and crediting an account:

Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

Whether a debit or a credit is to be written first when entering a transaction in a journal.

(b)

To determine

Whether debit or credit is to be indented.

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Answer 3

Question

Chapter 2, Problem 12Q

(a)

To determine

Recording entries in journal:

Journal refers to the logging of a transaction into accounting journal items. The journal entry consists of different recordings, each of which is a debit or credit. Only the events that have an economic effect are recorded in journal entries, considering the rules of debit and credit. The procedure for debiting and crediting an account:

Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

Whether a debit or a credit is to be written first when entering a transaction in a journal.

(b)

To determine

Whether debit or credit is to be indented.

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Answer 4

Question

Chapter 2, Problem 12Q

(a)

To determine

Recording entries in journal:

Journal refers to the logging of a transaction into accounting journal items. The journal entry consists of different recordings, each of which is a debit or credit. Only the events that have an economic effect are recorded in journal entries, considering the rules of debit and credit. The procedure for debiting and crediting an account:

Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

Whether a debit or a credit is to be written first when entering a transaction in a journal.

(b)

To determine

Whether debit or credit is to be indented.

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Answer 5

Chapter 2, Problem 12Q

(a)

To determine

Recording entries in journal:

Journal refers to the logging of a transaction into accounting journal items. The journal entry consists of different recordings, each of which is a debit or credit. Only the events that have an economic effect are recorded in journal entries, considering the rules of debit and credit. The procedure for debiting and crediting an account:

Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

Whether a debit or a credit is to be written first when entering a transaction in a journal.

(b)

To determine

Whether debit or credit is to be indented.

Answer 6

Chapter 2, Problem 12Q

(a)

To determine

Recording entries in journal:

Journal refers to the logging of a transaction into accounting journal items. The journal entry consists of different recordings, each of which is a debit or credit. Only the events that have an economic effect are recorded in journal entries, considering the rules of debit and credit. The procedure for debiting and crediting an account:

Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

Whether a debit or a credit is to be written first when entering a transaction in a journal.

Answer 7

Chapter 2, Problem 12Q

(a)

To determine

Recording entries in journal:

Journal refers to the logging of a transaction into accounting journal items. The journal entry consists of different recordings, each of which is a debit or credit. Only the events that have an economic effect are recorded in journal entries, considering the rules of debit and credit. The procedure for debiting and crediting an account:

Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

Whether a debit or a credit is to be written first when entering a transaction in a journal.

Answer 8

(b)

To determine

Whether debit or credit is to be indented.

Answer 9

(b)

To determine

Whether debit or credit is to be indented.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 2 - Prob. 1Q Ch. 2 - Prob. 2Q Ch. 2 - 3. Tom Dingel, a fellow student contends that the...Ch. 2 - 4. Olga Conrad, a beginning accounting student,...Ch. 2 - Prob. 5Q Ch. 2 - Prob. 6Q Ch. 2 - 7. Indicate whether each of the following accounts...Ch. 2 - Prob. 8Q Ch. 2 - 9. Indicate whether the following accounts...Ch. 2 - Prob. 10Q

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Whether debit or credit is to be indented.

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