FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
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Chapter 3, Problem 3.4DIE
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.

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.

Ledger Account:

Ledger is an accounting book which facilitates the transfer of all journal entries in a chronological order to individual accounts.

Posting:

Posting is the procedure of transferring journal entry amounts to the appropriate ledger accounts.

To post:  the transaction to cash account of BD.

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FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS

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