Journal Entries: It is a book of original entry. It records and summarises financial transaction of an entity in chronological manner, generally according to dual aspect of accounting. Accounting rules regarding journal entries: ► Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited. ► Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited. To identify: Characteristic of journal entry .

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Answer 1

Question

Chapter 3, Problem 1PSA

To determine

Journal Entries:

It is a book of original entry. It records and summarises financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

► Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

► Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To identify: Characteristic of journal entry.

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Answer 2

Question

Chapter 3, Problem 1PSA

To determine

Journal Entries:

It is a book of original entry. It records and summarises financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

► Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

► Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To identify: Characteristic of journal entry.

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Answer 3

Question

Chapter 3, Problem 1PSA

To determine

Journal Entries:

It is a book of original entry. It records and summarises financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

► Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

► Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To identify: Characteristic of journal entry.

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Answer 4

Question

Chapter 3, Problem 1PSA

To determine

Journal Entries:

It is a book of original entry. It records and summarises financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

► Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

► Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To identify: Characteristic of journal entry.

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Answer 5

Chapter 3, Problem 1PSA

To determine

Journal Entries:

It is a book of original entry. It records and summarises financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

► Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

► Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To identify: Characteristic of journal entry.

Answer 6

Chapter 3, Problem 1PSA

To determine

Journal Entries:

It is a book of original entry. It records and summarises financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

► Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

► Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To identify: Characteristic of journal entry.

Answer 7

Chapter 3, Problem 1PSA

To determine

Journal Entries:

It is a book of original entry. It records and summarises financial transaction of an entity in chronological manner, generally according to dual aspect of accounting.

Accounting rules regarding journal entries:

► Balance increase when: Assets, losses and expenses get debited and liabilities, gains, and revenue get credited.

► Balance decrease when: Assets, losses and expenses get credited and liabilities, gains, and revenue get debited.

To identify: Characteristic of journal entry.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 3 - Prob. 1MCQ Ch. 3 - Prior to recording adjusting entries, the Supplies...Ch. 3 - Prob. 3MCQ Ch. 3 - Prob. 4MCQ Ch. 3 - If a company had $ 15,000 in net income for the...Ch. 3 - What is the difference between the cash basis and...Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - What type of business is most likely to select a...Ch. 3 - Prob. 4DQ Ch. 3 - Prob. 5DQ

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