Journal entry : A journal entry 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. The first step in the accounting process is analyzing the transactions and recording them as journal entries. 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. 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 determine: The effect of the three given transactions on different accounts.

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Answer 1

Question

Chapter 2, Problem 2.6E

(a)

To determine

Journal entry: A journal entry 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. The first step in the accounting process is analyzing the transactions and recording them as journal entries.

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.

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 determine: The effect of the three given transactions on different accounts.

(b)

To determine

To prepare: The journal entries for the given three transactions.

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Answer 2

Question

Chapter 2, Problem 2.6E

(a)

To determine

Journal entry: A journal entry 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. The first step in the accounting process is analyzing the transactions and recording them as journal entries.

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.

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 determine: The effect of the three given transactions on different accounts.

(b)

To determine

To prepare: The journal entries for the given three transactions.

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Answer 3

Question

Chapter 2, Problem 2.6E

(a)

To determine

Journal entry: A journal entry 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. The first step in the accounting process is analyzing the transactions and recording them as journal entries.

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.

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 determine: The effect of the three given transactions on different accounts.

(b)

To determine

To prepare: The journal entries for the given three transactions.

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Answer 4

Question

Chapter 2, Problem 2.6E

(a)

To determine

Journal entry: A journal entry 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. The first step in the accounting process is analyzing the transactions and recording them as journal entries.

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.

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 determine: The effect of the three given transactions on different accounts.

(b)

To determine

To prepare: The journal entries for the given three transactions.

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Answer 5

Chapter 2, Problem 2.6E

(a)

To determine

Journal entry: A journal entry 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. The first step in the accounting process is analyzing the transactions and recording them as journal entries.

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.

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 determine: The effect of the three given transactions on different accounts.

(b)

To determine

To prepare: The journal entries for the given three transactions.

Answer 6

Chapter 2, Problem 2.6E

(a)

To determine

Journal entry: A journal entry 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. The first step in the accounting process is analyzing the transactions and recording them as journal entries.

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.

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 determine: The effect of the three given transactions on different accounts.

Answer 7

Chapter 2, Problem 2.6E

(a)

To determine

Journal entry: A journal entry 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. The first step in the accounting process is analyzing the transactions and recording them as journal entries.

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.

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 determine: The effect of the three given transactions on different accounts.

Answer 8

(b)

To determine

To prepare: The journal entries for the given three transactions.

Answer 9

(b)

To determine

To prepare: The journal entries for the given three transactions.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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To prepare: The journal entries for the given three transactions.

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