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 issuance of common stock, the bank loan obtained by issuing note, the purchase of equipment, The payment made for office rent, the payment of supplies, the purchase of advertisement on account, the service rendered partly for cash, and partly on accounts, the dividend paid to stockholders, the payment made for the utility bill, the payment of due for advertisement, the payment of interest for bank loan, the payment of salaries, The cash received from customer, the income tax paid.

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Answer 1

Question

Chapter 3, Problem 3.12E

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 issuance of common stock, the bank loan obtained by issuing note, the purchase of equipment, The payment made for office rent, the payment of supplies, the purchase of advertisement on account, the service rendered partly for cash, and partly on accounts, the dividend paid to stockholders, the payment made for the utility bill, the payment of due for advertisement, the payment of interest for bank loan, the payment of salaries, The cash received from customer, the income tax paid.

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Answer 2

Question

Chapter 3, Problem 3.12E

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 issuance of common stock, the bank loan obtained by issuing note, the purchase of equipment, The payment made for office rent, the payment of supplies, the purchase of advertisement on account, the service rendered partly for cash, and partly on accounts, the dividend paid to stockholders, the payment made for the utility bill, the payment of due for advertisement, the payment of interest for bank loan, the payment of salaries, The cash received from customer, the income tax paid.

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Answer 3

Question

Chapter 3, Problem 3.12E

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 issuance of common stock, the bank loan obtained by issuing note, the purchase of equipment, The payment made for office rent, the payment of supplies, the purchase of advertisement on account, the service rendered partly for cash, and partly on accounts, the dividend paid to stockholders, the payment made for the utility bill, the payment of due for advertisement, the payment of interest for bank loan, the payment of salaries, The cash received from customer, the income tax paid.

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Answer 4

Question

Chapter 3, Problem 3.12E

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 issuance of common stock, the bank loan obtained by issuing note, the purchase of equipment, The payment made for office rent, the payment of supplies, the purchase of advertisement on account, the service rendered partly for cash, and partly on accounts, the dividend paid to stockholders, the payment made for the utility bill, the payment of due for advertisement, the payment of interest for bank loan, the payment of salaries, The cash received from customer, the income tax paid.

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Answer 5

Chapter 3, Problem 3.12E

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 issuance of common stock, the bank loan obtained by issuing note, the purchase of equipment, The payment made for office rent, the payment of supplies, the purchase of advertisement on account, the service rendered partly for cash, and partly on accounts, the dividend paid to stockholders, the payment made for the utility bill, the payment of due for advertisement, the payment of interest for bank loan, the payment of salaries, The cash received from customer, the income tax paid.

Answer 6

Chapter 3, Problem 3.12E

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 issuance of common stock, the bank loan obtained by issuing note, the purchase of equipment, The payment made for office rent, the payment of supplies, the purchase of advertisement on account, the service rendered partly for cash, and partly on accounts, the dividend paid to stockholders, the payment made for the utility bill, the payment of due for advertisement, the payment of interest for bank loan, the payment of salaries, The cash received from customer, the income tax paid.

Answer 7

Chapter 3, Problem 3.12E

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 issuance of common stock, the bank loan obtained by issuing note, the purchase of equipment, The payment made for office rent, the payment of supplies, the purchase of advertisement on account, the service rendered partly for cash, and partly on accounts, the dividend paid to stockholders, the payment made for the utility bill, the payment of due for advertisement, the payment of interest for bank loan, the payment of salaries, The cash received from customer, the income tax paid.

Answer 8

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Answer 11

Ch. 3 - Prob. 1Q Ch. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - Prob. 7Q Ch. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9Q Ch. 3 - What is the normal balance for each of these...

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

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