Journal: Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect. Rules of debit and credit: “An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited. Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”. To Journalize: The transaction occurred on January 7, 2016.

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Answer 1

Question

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

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Please explain the solution to this general accounting problem using the correct accounting principles.

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Answer 2

Question

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

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Answer 3

Question

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

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Answer 4

Question

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

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Answer 5

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

Answer 6

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

Answer 7

Chapter 2, Problem 2.8EX

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

To Journalize: The transaction occurred on January 7, 2016.

Answer 8

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

Answer 9

(b), (c) and (d)

To determine

To prepare: A four- column account for supplies.

Answer 10

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

Answer 11

(d)

To determine

To explain: Whether the rules of debit and credit apply to all companies.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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Solution Summary: The author explains that Journal is the book of original entry and consists of the day-to-day financial transactions in a chronological order.

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To prepare: A four- column account for supplies.

To explain: Whether the rules of debit and credit apply to all companies.

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