FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
9th Edition
ISBN: 9781265484040
Author: Wild
Publisher: MCG
Question
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Chapter 9, Problem 6PSA
To determine

Journal Entries:

Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.

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.

1.

To record: Journal entries for March and April

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Chapter 9 Solutions

FINANCIAL & MANAGERIAL ACCOUNTING (ACCES

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