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 3.6BE

(a)

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.

b)

To determine

To journalize: equipments purchased on account.

c)

To determine

To journalize: The rent paid for June month.

d)

To determine

To journalize: After completing the welding work, bill sent to MW.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Can you help me solve this general accounting question using the correct accounting procedures?

Can you help me solve this general accounting question using valid accounting techniques?

I am trying to find the accurate solution to this general accounting problem with appropriate explanations.

Answer 2

Question

Chapter 3, Problem 3.6BE

(a)

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.

b)

To determine

To journalize: equipments purchased on account.

c)

To determine

To journalize: The rent paid for June month.

d)

To determine

To journalize: After completing the welding work, bill sent to MW.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem 3.6BE

(a)

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.

b)

To determine

To journalize: equipments purchased on account.

c)

To determine

To journalize: The rent paid for June month.

d)

To determine

To journalize: After completing the welding work, bill sent to MW.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 3.6BE

(a)

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.

b)

To determine

To journalize: equipments purchased on account.

c)

To determine

To journalize: The rent paid for June month.

d)

To determine

To journalize: After completing the welding work, bill sent to MW.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 3.6BE

(a)

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.

b)

To determine

To journalize: equipments purchased on account.

c)

To determine

To journalize: The rent paid for June month.

d)

To determine

To journalize: After completing the welding work, bill sent to MW.

Answer 6

Chapter 3, Problem 3.6BE

(a)

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 3.6BE

(a)

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

b)

To determine

To journalize: equipments purchased on account.

Answer 9

b)

To determine

To journalize: equipments purchased on account.

Answer 10

c)

To determine

To journalize: The rent paid for June month.

Answer 11

c)

To determine

To journalize: The rent paid for June month.

Answer 12

d)

To determine

To journalize: After completing the welding work, bill sent to MW.

Answer 13

d)

To determine

To journalize: After completing the welding work, bill sent to MW.

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 17

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...

Concept explainers

Videos

To journalize: equipments purchased on account.

To journalize: The rent paid for June month.

To journalize: After completing the welding work, bill sent to MW.

Want to see the full answer?

Chapter 3 Solutions