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.

Question

Want to see the full answer?

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

What is the effective cost??

What is the effective cost of trade credit under the credit terms of 2/15, net 40? Assume 365 days in a year for your calculations. Round your answers to two decimal places. Do not round intermediate calculations. Provide answer

None

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

Want to see the full answer?

Check out a sample textbook solution

See solution

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.

Concept explainers

Videos

To journalize: supplies purchased on account.

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

Want to see the full answer?

Chapter 3 Solutions