Journal Entries: Journal entries are the entries recoded as per the transactions being entered into by the business in its day to day operations in a chronological order. Accounting rules regarding journal entries: • Balance increases when: assets, losses and expenses are debited and liabilities, gains and incomes get credited. • Balance decreases when: assets, losses and expenses get credited and liabilities, gains and incomes are debited. To prepare: Journal entry

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Chapter 9, Problem 1BPSB

To determine

Journal Entries:

Journal entries are the entries recoded as per the transactions being entered into by the business in its day to day operations in a chronological order.

Accounting rules regarding journal entries:

• Balance increases when: assets, losses and expenses are debited and liabilities, gains and incomes get credited.

• Balance decreases when: assets, losses and expenses get credited and liabilities, gains and incomes are debited.

To prepare: Journal entry

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