Accounting Principles - Standalone book
Accounting Principles - Standalone book
12th Edition
ISBN: 9781118875056
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
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Chapter 2, Problem 2.3BE
To determine

Procedure for debiting and crediting an account:

  • Increase in assets account, increase in expenses account, and a decrease in liabilities account should be debited.
  • The decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

Asset = Liabilities + Stockholders' equity

To prepare: The journal entry for the transaction for the month of June.

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Oriole Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $54,600 cash to C. Bohr on a 12-month, 8% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $1,800, 90-day, 7% note. Received a $14,400, 180-day, 6% note to settle an open account from A. Murdock. 16 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Oriole Co. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation. If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect.) Date Account…
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Chapter 2 Solutions

Accounting Principles - Standalone book

Ch. 2 - Prob. 1QCh. 2 - Prob. 2QCh. 2 - 3. Heath Precourt, a fellow student, contends that...Ch. 2 - Prob. 4QCh. 2 - Prob. 5QCh. 2 - 6. What is the normal balance for each of the...Ch. 2 - Prob. 7QCh. 2 - Prob. 8QCh. 2 - Prob. 9QCh. 2 - Prob. 10Q
Ch. 2 - Prob. 11QCh. 2 - Prob. 12QCh. 2 - Prob. 13QCh. 2 - Prob. 14QCh. 2 - Prob. 15QCh. 2 - Prob. 16QCh. 2 - Prob. 17QCh. 2 - Prob. 18QCh. 2 - Prob. 19QCh. 2 - Prob. 20QCh. 2 - Prob. 21QCh. 2 - Prob. 2.1BECh. 2 - Prob. 2.2BECh. 2 - Prob. 2.3BECh. 2 - Prob. 2.4BECh. 2 - Prob. 2.5BECh. 2 - Prob. 2.6BECh. 2 - Prob. 2.7BECh. 2 - BE2-7 Selected transactions for the Brook Wang...Ch. 2 - BE2-9 From the ledger balances given below,...Ch. 2 - Prob. 2.10BECh. 2 - Prob. 2.1DIECh. 2 - Tom Rast engaged in the following activities in...Ch. 2 - Prob. 2.3DIECh. 2 - Prob. 2.4DIECh. 2 - E2-1 Kim Yi has prepared the following list of...Ch. 2 - E2-2 Selected transactions for A. Mane, an...Ch. 2 - E2-3 Data for A. Mane, interior decorator, are...Ch. 2 - Prob. 2.4ECh. 2 - Prob. 2.5ECh. 2 - E2-6 Marx Industries had the following...Ch. 2 - Prob. 2.7ECh. 2 - Prob. 2.8ECh. 2 - Prob. 2.9ECh. 2 - Prob. 2.10ECh. 2 - Prob. 2.11ECh. 2 - Prob. 2.12ECh. 2 - Prob. 2.13ECh. 2 - Prob. 2.14ECh. 2 - Prob. 2.1APCh. 2 - Prob. 2.2APCh. 2 - Prob. 2.3APCh. 2 - Prob. 2.4APCh. 2 - Prob. 2.5APCh. 2 - Prob. 2CCCPCh. 2 - Prob. 2.1BYPCh. 2 - Prob. 2.2BYPCh. 2 - Prob. 2.3BYPCh. 2 - Prob. 2.5BYPCh. 2 - Prob. 2.6BYPCh. 2 - Prob. 2.7BYPCh. 2 - Prob. 2.8BYPCh. 2 - Prob. 2.9BYPCh. 2 - Prob. 2.10BYPCh. 2 - Prob. 2.1IFRS
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