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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Maharaj Garage & Car Supplies sells a variety of automobile cleaning gadgets including a variety of hand vacuums. The business began the first quarter (January to March) of 2024 with 20 (Mash up Dirt) deep clean, cordless vacuums at a total cost of $126,800. During the quarter, the business completed the following transactions relating to the "Mash up Dirt" brand. January 8 January 31 February 4 February 10 February 28 March 4 March 10 March 31 March 31 105 vacuums were purchased at a cost of $6,022 each. In addition, the business paid a freight charge of $518 cash on each vacuum to have the inventory shipped from the point of purchase to their warehouse. The sales for January were 85 vacuums which yielded total sales revenue of $768,400. (25 of these units were sold on account to Mandys Cleaning Supplies, a longstanding customer) A new batch of 65 vacuums was purchased at a total cost of $449,800 8 of the vacuums purchased on February 4 were returned to the supplier, as they were…

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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.

Expert Solution & Answer

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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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