Explanation Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system. Rules of Debit and Credit: Following rules are followed for debiting and crediting different accounts while they occur in business transactions: Debit , all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities. Credit , all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses. The journal entries for given transactions are as follows: 1. Payment of employees’ salaries: Date Accounts title and explanation Post Ref. Debit ($) Credit ($) Salaries expense 500 Cash 500 (To record salaries paid to employees) Table (1) Following is the rule of debit and credit of above transaction: Salaries expense is an expense account. Expenses decrease the stockholders’ equity amount. Therefore, debit salaries expense account with $600. Cash is an asset account and is decreased because the salaries expense is paid. Therefore, credit cash account with $600. 2. Purchase of equipment with credit card: Date Accounts title and explanation Post Ref...

5th Edition

ISBN: 9781259914898

Author: SPICELAND

Publisher: MCG

See similar textbooks

Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial…

Question

Chapter 4, Problem 6BE

To determine

Record the journal entries for given transactions.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 4, Problem 5BE

Chapter 4, Problem 7BE

Students have asked these similar questions

Can you solve this general accounting problem with appropriate steps and explanations?

Please provide the accurate answer to this general accounting problem using valid techniques.

Hollister Athletic Equipment had a balance in the Accounts Receivable account of $780,000 at the beginning of the year and a balance of $820,000 at the end of the year. Net credit sales during the year amounted to $6,570,000.

Chapter 4 Solutions

Financial Accounting

Ch. 4 - Prob. 1SSQ Ch. 4 - Prob. 2SSQ Ch. 4 - Prob. 3SSQ Ch. 4 - Prob. 4SSQ Ch. 4 - Prob. 5SSQ Ch. 4 - Prob. 6SSQ Ch. 4 - Prob. 7SSQ Ch. 4 - Prob. 8SSQ Ch. 4 - Prob. 9SSQ Ch. 4 - 10. Employee purchases of supplies with a...

Ch. 4 - Prob. 11SSQ Ch. 4 - Prob. 12SSQ Ch. 4 - Prob. 13SSQ Ch. 4 - Prob. 14SSQ Ch. 4 - Prob. 15SSQ Ch. 4 - Applying Excel #4-1 A company has the following...Ch. 4 - Applying Excel #4-2 A company has a beginning cash...Ch. 4 - Prob. 1RQ Ch. 4 - Prob. 2RQ Ch. 4 - Prob. 3RQ Ch. 4 - Prob. 4RQ Ch. 4 - Prob. 5RQ Ch. 4 - Prob. 6RQ Ch. 4 - Prob. 7RQ Ch. 4 - Prob. 8RQ Ch. 4 - Prob. 9RQ Ch. 4 - Prob. 10RQ Ch. 4 - Prob. 11RQ Ch. 4 - Prob. 12RQ Ch. 4 - Prob. 13RQ Ch. 4 - Prob. 14RQ Ch. 4 - Prob. 15RQ Ch. 4 - Prob. 16RQ Ch. 4 - Prob. 17RQ Ch. 4 - Prob. 18RQ Ch. 4 - Prob. 19RQ Ch. 4 - Prob. 20RQ Ch. 4 - Prob. 21RQ Ch. 4 - Prob. 22RQ Ch. 4 - Prob. 23RQ Ch. 4 - Prob. 24RQ Ch. 4 - Prob. 25RQ Ch. 4 - Prob. 26RQ Ch. 4 - Prob. 27RQ Ch. 4 - Prob. 28RQ Ch. 4 - Prob. 29RQ Ch. 4 - Prob. 30RQ Ch. 4 - Prob. 1BE Ch. 4 - Prob. 2BE Ch. 4 - Prob. 3BE Ch. 4 - Prob. 4BE Ch. 4 - Prob. 5BE Ch. 4 - Prob. 6BE Ch. 4 - Prob. 7BE Ch. 4 - Prob. 8BE Ch. 4 - Prob. 9BE Ch. 4 - Prob. 10BE Ch. 4 - Prob. 11BE Ch. 4 - Prob. 12BE Ch. 4 - Prob. 13BE Ch. 4 - Prob. 14BE Ch. 4 - Prob. 15BE Ch. 4 - Prob. 16BE Ch. 4 - Prob. 17BE Ch. 4 - Prob. 18BE Ch. 4 - Prob. 1E Ch. 4 - Prob. 2E Ch. 4 - Prob. 3E Ch. 4 - Prob. 4E Ch. 4 - E4–5 Below are several amounts reported at the end...Ch. 4 - Prob. 6E Ch. 4 - Prob. 7E Ch. 4 - Prob. 8E Ch. 4 - Prob. 9E Ch. 4 - Prob. 10E Ch. 4 - Prob. 11E Ch. 4 - Prob. 12E Ch. 4 - Prob. 13E Ch. 4 - Prob. 14E Ch. 4 - E4-15 Below are several transactions for Meyers...Ch. 4 - Prob. 16E Ch. 4 - Prob. 17E Ch. 4 - Prob. 18E Ch. 4 - Prob. 19E Ch. 4 - Prob. 20E Ch. 4 - Prob. 1PA Ch. 4 - Prob. 2PA Ch. 4 - Prob. 3PA Ch. 4 - P4-4A Below is a summary of all transactions of...Ch. 4 - Prob. 5PA Ch. 4 - Prob. 1PB Ch. 4 - Prob. 2PB Ch. 4 - Prob. 3PB Ch. 4 - Prob. 4PB Ch. 4 - Prob. 5PB Ch. 4 - Prob. 1AP Ch. 4 - Prob. 2AP Ch. 4 - Prob. 3AP Ch. 4 - Prob. 4AP Ch. 4 - Prob. 5AP Ch. 4 - Prob. 7AP

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education