Journal: Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system. Companies may use various kinds of journals, but every company has most common form of journal that is, the general journal . Journal makes three significant contributions to the recording process. They are as follows: Complete effect of a business transaction disclosed in one place. Transactions are recorded in chronological order. It helps to prevent or locate errors. Rules of Debit and Credit Following rules are followed for debiting and crediting different accounts while they occur in business transactions: Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities. Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses. To journalize: the issuance of common stock in exchange of cash.

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Answer 1

Question

Chapter 3, Problem 3.3DIE

1.

To determine

Journal:

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

Companies may use various kinds of journals, but every company has most common form of journal that is, the general journal. Journal makes three significant contributions to the recording process. They are as follows:

Complete effect of a business transaction disclosed in one place.

Transactions are recorded in chronological order.

It helps to prevent or locate errors.

Rules of Debit and Credit

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

To journalize: the issuance of common stock in exchange of cash.

2.

To determine

To journalize: supplies purchased on account.

3.

To determine

To journalize: obtained estimates on the cost of photography equipment.

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Everett Corporation started the year with long-term debt of $85,000, which represents the principal balance of a loan payable to Sunrise Bank. During the year, the company made total payments of $20,400, which included $6,400 in interest. Additionally, the company took out a new loan of $14,000. Determine the value of ending long-term debt.

A company has variable costs of 75% of sales, current sales of $800,000, and fixed costs of $150,000. What is the amount of sales required to achieve a net income of $70,000?

Answer 2

Question

Chapter 3, Problem 3.3DIE

1.

To determine

Journal:

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

Companies may use various kinds of journals, but every company has most common form of journal that is, the general journal. Journal makes three significant contributions to the recording process. They are as follows:

Complete effect of a business transaction disclosed in one place.

Transactions are recorded in chronological order.

It helps to prevent or locate errors.

Rules of Debit and Credit

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

To journalize: the issuance of common stock in exchange of cash.

2.

To determine

To journalize: supplies purchased on account.

3.

To determine

To journalize: obtained estimates on the cost of photography equipment.

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Answer 3

Question

Chapter 3, Problem 3.3DIE

1.

To determine

Journal:

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

Companies may use various kinds of journals, but every company has most common form of journal that is, the general journal. Journal makes three significant contributions to the recording process. They are as follows:

Complete effect of a business transaction disclosed in one place.

Transactions are recorded in chronological order.

It helps to prevent or locate errors.

Rules of Debit and Credit

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

To journalize: the issuance of common stock in exchange of cash.

2.

To determine

To journalize: supplies purchased on account.

3.

To determine

To journalize: obtained estimates on the cost of photography equipment.

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Answer 4

Question

Chapter 3, Problem 3.3DIE

1.

To determine

Journal:

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

Companies may use various kinds of journals, but every company has most common form of journal that is, the general journal. Journal makes three significant contributions to the recording process. They are as follows:

Complete effect of a business transaction disclosed in one place.

Transactions are recorded in chronological order.

It helps to prevent or locate errors.

Rules of Debit and Credit

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

To journalize: the issuance of common stock in exchange of cash.

2.

To determine

To journalize: supplies purchased on account.

3.

To determine

To journalize: obtained estimates on the cost of photography equipment.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.3DIE

1.

To determine

Journal:

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

Companies may use various kinds of journals, but every company has most common form of journal that is, the general journal. Journal makes three significant contributions to the recording process. They are as follows:

Complete effect of a business transaction disclosed in one place.

Transactions are recorded in chronological order.

It helps to prevent or locate errors.

Rules of Debit and Credit

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

To journalize: the issuance of common stock in exchange of cash.

2.

To determine

To journalize: supplies purchased on account.

3.

To determine

To journalize: obtained estimates on the cost of photography equipment.

Answer 6

Chapter 3, Problem 3.3DIE

1.

To determine

Journal:

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

Companies may use various kinds of journals, but every company has most common form of journal that is, the general journal. Journal makes three significant contributions to the recording process. They are as follows:

Complete effect of a business transaction disclosed in one place.

Transactions are recorded in chronological order.

It helps to prevent or locate errors.

Rules of Debit and Credit

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

To journalize: the issuance of common stock in exchange of cash.

Answer 7

Chapter 3, Problem 3.3DIE

1.

To determine

Journal:

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

Companies may use various kinds of journals, but every company has most common form of journal that is, the general journal. Journal makes three significant contributions to the recording process. They are as follows:

Complete effect of a business transaction disclosed in one place.

Transactions are recorded in chronological order.

It helps to prevent or locate errors.

Rules of Debit and Credit

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

To journalize: the issuance of common stock in exchange of cash.

Answer 8

2.

To determine

To journalize: supplies purchased on account.

Answer 9

2.

To determine

To journalize: supplies purchased on account.

Answer 10

3.

To determine

To journalize: obtained estimates on the cost of photography equipment.

Answer 11

3.

To determine

To journalize: obtained estimates on the cost of photography equipment.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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 journaling is the method of recording monetary business transactions in chronological order to abide by the double-entry system.

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To journalize: supplies purchased on account.

To journalize: obtained estimates on the cost of photography equipment.

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