FINANC. MANGERIAL ACCT. W/CONNECT (LL)
FINANC. MANGERIAL ACCT. W/CONNECT (LL)
7th Edition
ISBN: 9781307257991
Author: Wild
Publisher: MCG/CREATE
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Chapter 9, Problem 7QS
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.

To prepare: Journal entry in the books of N Company to record bonus owed to workers.

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FINANC. MANGERIAL ACCT. W/CONNECT (LL)

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How JOURNAL ENTRIES Work (in Accounting); Author: Accounting Stuff;https://www.youtube.com/watch?v=Y-_Q3rANyxU;License: Standard Youtube License