The part of the journal entry to be recorded first is the: a. asset. b. credit. c. debit. d. liability.

Question

Want to see more full solutions like this?

Answer 1

Textbook Question

Chapter 4, Problem 1.1SRE

The part of the journal entry to be recorded first is the:

a. asset.
b. credit.
c. debit.
d. liability.

Expert Solution & Answer

To determine

Identify the part of journal entry to be recorded first.

Answer to Problem 1.1SRE

Option (c).

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit: A debit, is an accounting term that refers to the left side of an account. The term debit is be denoted by (Dr). The recording amount on the left side of the account is known as debiting.

Credit: A credit, is an accounting term that refers to the right side of an account. The term credit is denoted as (Cr). The recording amount on the right side of the account is known as crediting.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all the increase in the assets, the expenses and the dividends, all the decrease in liabilities, revenues and the stockholders’ equities.
Credit, all the increase in the liabilities, the revenues, and the stockholders’ equities, and all decreases in the assets, and the expenses.

In the journal entry Debit is first recorded followed by the credit, for the respective incomes and expenses.

Option (c):

As per the above explanation Option c, is the correct answer.

Option (a):

As per the above explanation Option a, is an incorrect answer.

Option (b):

As per the above explanation Option b, is an incorrect answer.

Option (d):

As per the above explanation Option d, is an incorrect answer.

Conclusion

Therefore, Option (c) is the correct answer.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Petron Pet Supplies sells on terms of 3/10, net 60. What is the effective annual cost of trade credit under these terms? Use a 365-day year.help

hi expert please help me answer

What is the gross profit as determined under the LIFO method?

Answer 2

Textbook Question

Chapter 4, Problem 1.1SRE

The part of the journal entry to be recorded first is the:

a. asset.
b. credit.
c. debit.
d. liability.

Expert Solution & Answer

To determine

Identify the part of journal entry to be recorded first.

Answer to Problem 1.1SRE

Option (c).

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit: A debit, is an accounting term that refers to the left side of an account. The term debit is be denoted by (Dr). The recording amount on the left side of the account is known as debiting.

Credit: A credit, is an accounting term that refers to the right side of an account. The term credit is denoted as (Cr). The recording amount on the right side of the account is known as crediting.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all the increase in the assets, the expenses and the dividends, all the decrease in liabilities, revenues and the stockholders’ equities.
Credit, all the increase in the liabilities, the revenues, and the stockholders’ equities, and all decreases in the assets, and the expenses.

In the journal entry Debit is first recorded followed by the credit, for the respective incomes and expenses.

Option (c):

As per the above explanation Option c, is the correct answer.

Option (a):

As per the above explanation Option a, is an incorrect answer.

Option (b):

As per the above explanation Option b, is an incorrect answer.

Option (d):

As per the above explanation Option d, is an incorrect answer.

Conclusion

Therefore, Option (c) is the correct answer.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 4, Problem 1.1SRE

The part of the journal entry to be recorded first is the:

a. asset.
b. credit.
c. debit.
d. liability.

Expert Solution & Answer

To determine

Identify the part of journal entry to be recorded first.

Answer to Problem 1.1SRE

Option (c).

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit: A debit, is an accounting term that refers to the left side of an account. The term debit is be denoted by (Dr). The recording amount on the left side of the account is known as debiting.

Credit: A credit, is an accounting term that refers to the right side of an account. The term credit is denoted as (Cr). The recording amount on the right side of the account is known as crediting.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all the increase in the assets, the expenses and the dividends, all the decrease in liabilities, revenues and the stockholders’ equities.
Credit, all the increase in the liabilities, the revenues, and the stockholders’ equities, and all decreases in the assets, and the expenses.

In the journal entry Debit is first recorded followed by the credit, for the respective incomes and expenses.

Option (c):

As per the above explanation Option c, is the correct answer.

Option (a):

As per the above explanation Option a, is an incorrect answer.

Option (b):

As per the above explanation Option b, is an incorrect answer.

Option (d):

As per the above explanation Option d, is an incorrect answer.

Conclusion

Therefore, Option (c) is the correct answer.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 4, Problem 1.1SRE

The part of the journal entry to be recorded first is the:

a. asset.
b. credit.
c. debit.
d. liability.

Expert Solution & Answer

To determine

Identify the part of journal entry to be recorded first.

Answer to Problem 1.1SRE

Option (c).

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit: A debit, is an accounting term that refers to the left side of an account. The term debit is be denoted by (Dr). The recording amount on the left side of the account is known as debiting.

Credit: A credit, is an accounting term that refers to the right side of an account. The term credit is denoted as (Cr). The recording amount on the right side of the account is known as crediting.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all the increase in the assets, the expenses and the dividends, all the decrease in liabilities, revenues and the stockholders’ equities.
Credit, all the increase in the liabilities, the revenues, and the stockholders’ equities, and all decreases in the assets, and the expenses.

In the journal entry Debit is first recorded followed by the credit, for the respective incomes and expenses.

Option (c):

As per the above explanation Option c, is the correct answer.

Option (a):

As per the above explanation Option a, is an incorrect answer.

Option (b):

As per the above explanation Option b, is an incorrect answer.

Option (d):

As per the above explanation Option d, is an incorrect answer.

Conclusion

Therefore, Option (c) is the correct answer.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Identify the part of journal entry to be recorded first.

Answer to Problem 1.1SRE

Option (c).

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit: A debit, is an accounting term that refers to the left side of an account. The term debit is be denoted by (Dr). The recording amount on the left side of the account is known as debiting.

Credit: A credit, is an accounting term that refers to the right side of an account. The term credit is denoted as (Cr). The recording amount on the right side of the account is known as crediting.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all the increase in the assets, the expenses and the dividends, all the decrease in liabilities, revenues and the stockholders’ equities.
Credit, all the increase in the liabilities, the revenues, and the stockholders’ equities, and all decreases in the assets, and the expenses.

In the journal entry Debit is first recorded followed by the credit, for the respective incomes and expenses.

Option (c):

As per the above explanation Option c, is the correct answer.

Option (a):

As per the above explanation Option a, is an incorrect answer.

Option (b):

As per the above explanation Option b, is an incorrect answer.

Option (d):

As per the above explanation Option d, is an incorrect answer.

Conclusion

Therefore, Option (c) is the correct answer.

Answer 8

Expert Solution & Answer

To determine

Identify the part of journal entry to be recorded first.

Answer to Problem 1.1SRE

Option (c).

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit: A debit, is an accounting term that refers to the left side of an account. The term debit is be denoted by (Dr). The recording amount on the left side of the account is known as debiting.

Credit: A credit, is an accounting term that refers to the right side of an account. The term credit is denoted as (Cr). The recording amount on the right side of the account is known as crediting.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all the increase in the assets, the expenses and the dividends, all the decrease in liabilities, revenues and the stockholders’ equities.
Credit, all the increase in the liabilities, the revenues, and the stockholders’ equities, and all decreases in the assets, and the expenses.

In the journal entry Debit is first recorded followed by the credit, for the respective incomes and expenses.

Option (c):

As per the above explanation Option c, is the correct answer.

Option (a):

As per the above explanation Option a, is an incorrect answer.

Option (b):

As per the above explanation Option b, is an incorrect answer.

Option (d):

As per the above explanation Option d, is an incorrect answer.

Conclusion

Therefore, Option (c) is the correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Identify the part of journal entry to be recorded first.

Answer 12

Answer to Problem 1.1SRE

Option (c).

Answer 13

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit: A debit, is an accounting term that refers to the left side of an account. The term debit is be denoted by (Dr). The recording amount on the left side of the account is known as debiting.

Credit: A credit, is an accounting term that refers to the right side of an account. The term credit is denoted as (Cr). The recording amount on the right side of the account is known as crediting.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all the increase in the assets, the expenses and the dividends, all the decrease in liabilities, revenues and the stockholders’ equities.
Credit, all the increase in the liabilities, the revenues, and the stockholders’ equities, and all decreases in the assets, and the expenses.

In the journal entry Debit is first recorded followed by the credit, for the respective incomes and expenses.

Option (c):

As per the above explanation Option c, is the correct answer.

Option (a):

As per the above explanation Option a, is an incorrect answer.

Option (b):

As per the above explanation Option b, is an incorrect answer.

Option (d):

As per the above explanation Option d, is an incorrect answer.