Journal Entries : Journal entries are used to record the transactions of an organization in a chronological order. Based on these journal entries, the amounts are posted to the relevant ledger accounts. Accounting Rules for Journal Entries: To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. To prepare: Journal entries for store credit card sales.

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Chapter 9, Problem 3E

To determine

Journal Entries:

Journal entries are used to record the transactions of an organization in a chronological order. Based on these journal entries, the amounts are posted to the relevant ledger accounts.

Accounting Rules for Journal Entries:

To increase balance of the account:
Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account:
Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare:

Journal entries for store credit card sales.

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