In accounting there are two terms one is Debit and second is credit. As per accounting rules all the assets will be debited and all the liabilities will be credited. In the one other rule of accounting all the income will be credited and all the expenses will debited. To State: The reason of wrong entry and pass correct journal entry .

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Answer 1

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Chapter 3, Problem 3.8E

To determine

Concept Introduction:

In accounting there are two terms one is Debit and second is credit. As per accounting rules all the assets will be debited and all the liabilities will be credited. In the one other rule of accounting all the income will be credited and all the expenses will debited.

To State: The reason of wrong entry and pass correct journal entry.

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Answer 2

Question

Chapter 3, Problem 3.8E

To determine

Concept Introduction:

In accounting there are two terms one is Debit and second is credit. As per accounting rules all the assets will be debited and all the liabilities will be credited. In the one other rule of accounting all the income will be credited and all the expenses will debited.

To State: The reason of wrong entry and pass correct journal entry.

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Answer 3

Question

Chapter 3, Problem 3.8E

To determine

Concept Introduction:

In accounting there are two terms one is Debit and second is credit. As per accounting rules all the assets will be debited and all the liabilities will be credited. In the one other rule of accounting all the income will be credited and all the expenses will debited.

To State: The reason of wrong entry and pass correct journal entry.

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Answer 4

Question

Chapter 3, Problem 3.8E

To determine

Concept Introduction:

In accounting there are two terms one is Debit and second is credit. As per accounting rules all the assets will be debited and all the liabilities will be credited. In the one other rule of accounting all the income will be credited and all the expenses will debited.

To State: The reason of wrong entry and pass correct journal entry.

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Answer 5

Chapter 3, Problem 3.8E

To determine

Concept Introduction:

In accounting there are two terms one is Debit and second is credit. As per accounting rules all the assets will be debited and all the liabilities will be credited. In the one other rule of accounting all the income will be credited and all the expenses will debited.

To State: The reason of wrong entry and pass correct journal entry.

Answer 6

Chapter 3, Problem 3.8E

To determine

Concept Introduction:

In accounting there are two terms one is Debit and second is credit. As per accounting rules all the assets will be debited and all the liabilities will be credited. In the one other rule of accounting all the income will be credited and all the expenses will debited.

To State: The reason of wrong entry and pass correct journal entry.

Answer 7

Chapter 3, Problem 3.8E

To determine

Concept Introduction:

In accounting there are two terms one is Debit and second is credit. As per accounting rules all the assets will be debited and all the liabilities will be credited. In the one other rule of accounting all the income will be credited and all the expenses will debited.

To State: The reason of wrong entry and pass correct journal entry.

Answer 8

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Answer 19

Ch. 3 - Read each definition below and write the number of...Ch. 3 - Types of Events For each of the following events,...Ch. 3 - Prob. 3.2E Ch. 3 - The Effect of Transactions on the Accounting...Ch. 3 - Types of Transactions There are three elements to...Ch. 3 - Balance Sheet Accounts and Their Use Choose from...Ch. 3 - Normal Account Balances Each account has a normal...Ch. 3 - Prob. 3.7E Ch. 3 - Prob. 3.8E Ch. 3 - Trial Balance The following list of accounts was...

Solution Summary: The author explains that in accounting there are two terms one is debit and second is credit. The correct entry is not in accordance with accounting rules.

Chapter 3 Solutions