Journal entry : Journal is the primary record of the business transaction in chronological (date wise) order. Journal entry contains two effects, one is debit and the other is credit, under double entry book keeping system. Procedure for debiting and crediting an account: • Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited. • Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited. All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction: To prepare: The journal entries to record the merchandise transaction of C Systems.

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Answer 1

Question

Chapter 4, Problem 19E

To determine

Journal entry:

Journal is the primary record of the business transaction in chronological (date wise) order. Journal entry contains two effects, one is debit and the other is credit, under double entry book keeping system.

Procedure for debiting and crediting an account:

• Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

• Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

To prepare: The journal entries to record the merchandise transaction of C Systems.

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Answer 2

Question

Chapter 4, Problem 19E

To determine

Journal entry:

Journal is the primary record of the business transaction in chronological (date wise) order. Journal entry contains two effects, one is debit and the other is credit, under double entry book keeping system.

Procedure for debiting and crediting an account:

• Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

• Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

To prepare: The journal entries to record the merchandise transaction of C Systems.

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Answer 3

Question

Chapter 4, Problem 19E

To determine

Journal entry:

Journal is the primary record of the business transaction in chronological (date wise) order. Journal entry contains two effects, one is debit and the other is credit, under double entry book keeping system.

Procedure for debiting and crediting an account:

• Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

• Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

To prepare: The journal entries to record the merchandise transaction of C Systems.

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Answer 4

Question

Chapter 4, Problem 19E

To determine

Journal entry:

Journal is the primary record of the business transaction in chronological (date wise) order. Journal entry contains two effects, one is debit and the other is credit, under double entry book keeping system.

Procedure for debiting and crediting an account:

• Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

• Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

To prepare: The journal entries to record the merchandise transaction of C Systems.

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Answer 5

Chapter 4, Problem 19E

To determine

Journal entry:

Journal is the primary record of the business transaction in chronological (date wise) order. Journal entry contains two effects, one is debit and the other is credit, under double entry book keeping system.

Procedure for debiting and crediting an account:

• Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

• Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

To prepare: The journal entries to record the merchandise transaction of C Systems.

Answer 6

Chapter 4, Problem 19E

To determine

Journal entry:

Journal is the primary record of the business transaction in chronological (date wise) order. Journal entry contains two effects, one is debit and the other is credit, under double entry book keeping system.

Procedure for debiting and crediting an account:

• Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

• Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

To prepare: The journal entries to record the merchandise transaction of C Systems.

Answer 7

Chapter 4, Problem 19E

To determine

Journal entry:

Journal is the primary record of the business transaction in chronological (date wise) order. Journal entry contains two effects, one is debit and the other is credit, under double entry book keeping system.

Procedure for debiting and crediting an account:

• Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.

• Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

To prepare: The journal entries to record the merchandise transaction of C Systems.

Answer 8

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Answer 11

Ch. 4 - Prob. 1MCQ Ch. 4 - A company purchased $4,500 0f merchandise on May 1...Ch. 4 - Prob. 3MCQ Ch. 4 - Prob. 4MCQ Ch. 4 - Prob. 5MCQ Ch. 4 - Prob. 1DQ Ch. 4 - Prob. 2DQ Ch. 4 - Prob. 3DQ Ch. 4 - Prob. 4DQ Ch. 4 - How does a company that uses a perpetual inventory...

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