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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INVOLVE was incorporated as a not-for-profit organization on January 1, 2023. During the fiscal year ended December 31, 2023, the following transactions occurred. 1. A business donated rent-free office space to the organization that would normally rent for $35,600 a year. 2. A fund drive raised $188,000 in cash and $106,000 in pledges that will be paid next year. A state government grant of $156,000 was received for program operating costs related to public health education. 3. Salaries and fringe benefits paid during the year amounted to $209,160. At year-end, an additional $16,600 of salaries and fringe benefits were accrued. 4. A donor pledged $106,000 for construction of a new building, payable over five fiscal years, commencing in 2025. The discounted value of the pledge is expected to be $94,860. 5. Office equipment was purchased for $12,600. The useful life of the equipment is estimated to be five years. Office furniture with a fair value of $10,200 was donated by a local office…

Fairfield Company's payroll costs for the most recent month are summarized here: Item Hourly labor unges Description 920 hours $27 per hour 190 hours for Job 101 340 hours for Job 102 Factory supervision Production engineer Factory Janitorial work Selling, general, and administrative salaries Total payroll costs Required: 390 hours for Job 103 Total Cost $ 5,130 9,180 10,530 $ 24,840 4,350 7,100 1,200 8,800 $ 46,298 1. & 2. Prepare the journal entries for payroll and to apply manufacturing overhead to production. The company applies manufacturing overhead to products at a predetermined rate of $54 per direct labor hour Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet A B Record Fairfield Company's payroll costs to be paid at a later date. Note Enter debits before credits. S.No Date 1 Account Title Debit Credit

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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.

Expert Solution & Answer

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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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