Explanation The Debit-Credit rules for recording the journal entries are as under – a. Debit what comes in, Credit what goes out b. Debit the receiver, Credit the giver c. Debit the expenses and assets, Credit the incomes and liabilities The journal entries are recorded as under- Date Account Account Number Debit Amount ($) Credit Amount ($) Dec-02 Merchandise Inventory 131 4100 - Accounts Payable (Tighe) 211 - 4100 Dec-03 Rent Expense 564 2200 - Cash 111 - 2200 Dec-05 Merchandise Inventory 131 470 - Accounts Payable (Rapid Supply) 211 - 470 Dec-08 Utilities expense 583 510 - Cash 111 - 510 Dec-09 Equipment 181 6900 - Accounts Payable (A-1 Equipment) 211 - 6900 Dec-10 Accounts Payable (A-1 Equipment) 211 6900 - Equipment 181 - 6900 Dec-11 Accounts Payable (Tighe) 211 4100 - Cash 111 - 4100

12th Edition

ISBN: 9780134486444

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Question

Chapter 7, Problem P7.25APGA

To determine

Journal Entry: Journal entry, in accounting, is the recording of the given accounting transactions with various Debit and Credit effects.

Record the journal entries of the transactions given for the company. Also total the column of special journals. Show how the postings would be made from the journals by writing the account numbers.

Expert Solution & Answer

Chapter 7 Solutions

Horngren's Accounting (12th Edition)

Ch. 7 - Which of the following benefits of an effective...Ch. 7 - Prob. 2QC Ch. 7 - Which of the following is not a special journal?...Ch. 7 - Mountain Day Spa sold merchandise inventory on...Ch. 7 - Prob. 5QC Ch. 7 - Centex Sound Systems purchased merchandise...Ch. 7 - Every transaction recorded in the cash payments...Ch. 7 - Prob. 8QC Ch. 7 - Which is a disadvantage of an enterprise resource...Ch. 7 - Prob. 1RQ

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