Financial Accounting
10th Edition
ISBN: 9781119298229
Author: Weygandt, Jerry J.; Kieso, Donald E.; Kimmel, Paul D.
Publisher: WILEY
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Chapter 2, Problem 2.6E
(a)
To determine
A journal entry refers to the recording 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, decrease in
stockholders’ equity account, and decrease in liabilities account should be debited. - Decrease in assets account, increase in stockholders’ equity account, and increase in liabilities account should be credited.
All transactions affect the
(b)
To determine
To prepare: The journal entries for the given transaction.
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