Journal: Journal is the book of original entry. Journal consists of the day-to-day 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, the hiring of an administrative assistance, the office furniture purchased on account, the Service performed to E.C, the cash received as commission, The payment made for the equipment purchased on account, The salaries paid to administrative assistance.

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Answer 1

Question

Chapter 3, Problem 3.9E

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day 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, the hiring of an administrative assistance, the office furniture purchased on account, the Service performed to E.C, the cash received as commission, The payment made for the equipment purchased on account, The salaries paid to administrative assistance.

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Outline three (3) ways that conflicts of interest should be managed by tax agents. In relation to the two (2) conflict examples that you identified in question 1, explain how each one of these conflicts should be managed.

Answer 2

Question

Chapter 3, Problem 3.9E

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day 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, the hiring of an administrative assistance, the office furniture purchased on account, the Service performed to E.C, the cash received as commission, The payment made for the equipment purchased on account, The salaries paid to administrative assistance.

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Answer 3

Question

Chapter 3, Problem 3.9E

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day 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, the hiring of an administrative assistance, the office furniture purchased on account, the Service performed to E.C, the cash received as commission, The payment made for the equipment purchased on account, The salaries paid to administrative assistance.

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Answer 4

Question

Chapter 3, Problem 3.9E

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day 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, the hiring of an administrative assistance, the office furniture purchased on account, the Service performed to E.C, the cash received as commission, The payment made for the equipment purchased on account, The salaries paid to administrative assistance.

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Answer 5

Chapter 3, Problem 3.9E

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day 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, the hiring of an administrative assistance, the office furniture purchased on account, the Service performed to E.C, the cash received as commission, The payment made for the equipment purchased on account, The salaries paid to administrative assistance.

Answer 6

Chapter 3, Problem 3.9E

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day 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, the hiring of an administrative assistance, the office furniture purchased on account, the Service performed to E.C, the cash received as commission, The payment made for the equipment purchased on account, The salaries paid to administrative assistance.

Answer 7

Chapter 3, Problem 3.9E

To determine

Journal:

Journal is the book of original entry. Journal consists of the day-to-day 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, the hiring of an administrative assistance, the office furniture purchased on account, the Service performed to E.C, the cash received as commission, The payment made for the equipment purchased on account, The salaries paid to administrative assistance.

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 the journal consists of the day-to-day financial transactions in a chronological order.

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