Explanation Journal entry : Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically. Debit and credit rules: Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts. Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts. Prepare journal entry to record rent revenue . Date Account Titles and Explanation Ref. Debit ($) Credit ($) 2018 February 28 Cash 305 Rent Revenue 305 (To record rent revenue collected) Table (1) Description : Cash is an asset account. The amount is increased because bank collected note receivable, and an increase in assets should be debited. Rent Revenue is a revenue account. The amount has increased because rent revenue is collected. Revenues increase Equity account, and an increase in Equity is credited. Prepare journal entry to record bank service charge, $7 and printing charge, $9 . Date Account Titles and Explanation Ref. Debit ($) Credit ($) 2018 February 28 Miscellaneous Expense 16 Cash 16 (To record bank service charge and printing charges) Table (2) Description : Miscellaneous Expense is an expense account and the amount is increased because bank has charged service charges...

Financial Accounting, Student Value Edition (12th Edition)

12th Edition

ISBN: 9780134727066

Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

Publisher: PEARSON

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Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

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Chapter 4, Problem 4.28BE

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To prepare: Adjusting journal entries that arise due to bank reconciliation

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Chapter 4, Problem 4.27BE

Chapter 4, Problem 4.29Q

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Chapter 4 Solutions

Financial Accounting, Student Value Edition (12th Edition)

Ch. 4 - Prob. 1QC Ch. 4 - Prob. 2QC Ch. 4 - Prob. 3QC Ch. 4 - Prob. 4QC Ch. 4 - Prob. 5QC Ch. 4 - Prob. 6QC Ch. 4 - Prob. 7QC Ch. 4 - Why does cash require some specific internal...Ch. 4 - Prob. 9QC Ch. 4 - Prob. 10QC

Ch. 4 - Prob. 11QC Ch. 4 - Prob. 12QC Ch. 4 - Prob. 4.1EC Ch. 4 - Prob. 4.1S Ch. 4 - Prob. 4.2S Ch. 4 - (Learning Objective 2: Describe objectives and...Ch. 4 - Prob. 4.4S Ch. 4 - (Learning Objective 2: Explain the objectives and...Ch. 4 - (Learning Objective 3: Evalue internal controls...Ch. 4 - Prob. 4.7S Ch. 4 - Prob. 4.8S Ch. 4 - Prob. 4.9S Ch. 4 - Prob. 4.10S Ch. 4 - Prob. 4.11S Ch. 4 - Prob. 4.12S Ch. 4 - Prob. 4.13S Ch. 4 - Prob. 4.14S Ch. 4 - Prob. 4.15AE Ch. 4 - Prob. 4.16AE Ch. 4 - Prob. 4.17AE Ch. 4 - Prob. 4.18AE Ch. 4 - Prob. 4.19AE Ch. 4 - Prob. 4.20AE Ch. 4 - Prob. 4.21AE Ch. 4 - Prob. 4.22BE Ch. 4 - Prob. 4.23BE Ch. 4 - Prob. 4.24BE Ch. 4 - (Learning Objectives 1, 2, 3: Describe fraud and...Ch. 4 - Prob. 4.26BE Ch. 4 - Prob. 4.27BE Ch. 4 - Prob. 4.28BE Ch. 4 - Prob. 4.29Q Ch. 4 - Prob. 4.30Q Ch. 4 - Prob. 4.31Q Ch. 4 - Prob. 4.32Q Ch. 4 - Prob. 4.33Q Ch. 4 - Prob. 4.34Q Ch. 4 - Prob. 4.35Q Ch. 4 - Prob. 4.36Q Ch. 4 - Prob. 4.37Q Ch. 4 - Prob. 4.38Q Ch. 4 - Prob. 4.39Q Ch. 4 - Prob. 4.40Q Ch. 4 - Prob. 4.41AP Ch. 4 - Prob. 4.42AP Ch. 4 - Prob. 4.43AP Ch. 4 - Prob. 4.44AP Ch. 4 - Prob. 4.45BP Ch. 4 - (Learning Objectives 2, 3: Explain the objectives...Ch. 4 - (Learning Objective 3: Evaluate internal controls)...Ch. 4 - Prob. 4.48BP Ch. 4 - Prob. 4.49CEP Ch. 4 - Prob. 4.50CEP Ch. 4 - Prob. 4.51SC Ch. 4 - Prob. 4.52DC Ch. 4 - Prob. 4.53DC Ch. 4 - Prob. 4.54EIC Ch. 4 - Prob. 1FF Ch. 4 - Prob. 1FA

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Adjusting journal entries that arise due to bank reconciliation

Solution Summary: The author explains journal entry as a set of economic events which can be measured in monetary terms.

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