Journal: Journal is the book of original entry. Journal consists of the day today financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect. Rules of debit and credit: “An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited. Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”. To journalize: the issuance of common stock in exchange of cash.

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Answer 1

Question

Chapter 3, Problem 3.6BE

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day today financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

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: The bill sent for completing the welding work.

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Aziz Industries has forecasted sales of $6,200 in April, $7,800 in May, and $9,400 in June. All sales are on credit. The company collects 35% of sales in the month of the sale and the remaining 65% in the following month. What will be the balance in accounts receivable at the beginning of July?

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Answer 2

Question

Chapter 3, Problem 3.6BE

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day today financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

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: The bill sent for completing the welding work.

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Answer 3

Question

Chapter 3, Problem 3.6BE

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day today financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

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: The bill sent for completing the welding work.

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Answer 4

Question

Chapter 3, Problem 3.6BE

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day today financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

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: The bill sent for completing the welding work.

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Answer 5

Chapter 3, Problem 3.6BE

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day today financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

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: The bill sent for completing the welding work.

Answer 6

Chapter 3, Problem 3.6BE

(a)

To determine

Journal:

Journal is the book of original entry. Journal consists of the day today financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

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 book of original entry. Journal consists of the day today financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

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: The bill sent for completing the welding work.

Answer 13

(d)

To determine

To journalize: The bill sent for completing the welding work.

Answer 14

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Answer 15

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Answer 16

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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...

Solution Summary: The author explains that the journal consists of the day today financial transactions in a chronological order.

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To journalize: equipments purchased on account.

To journalize: The rent paid for June month.

To journalize: The bill sent for completing the welding work.

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