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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Answer 1

Question

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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Answer 2

Question

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.

Expert Solution & Answer

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Answer 3

Question

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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Answer 4

Question

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.

Expert Solution & Answer

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Answer 5

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.

Answer 6

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.

Answer 7

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.

Answer 8

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Answer 9

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Answer 10

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

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