Accounting Principles - Standalone book
Accounting Principles - Standalone book
12th Edition
ISBN: 9781118875056
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
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Chapter 9, Problem 9CCCP
To determine

Procedure for debiting and crediting an account:

  • Increase in assets account, increase in expenses account, and decrease in liabilities account should be debited.
  • Decrease in assets account, increase in revenue account, and increase in liabilities account should be credited.

All transactions affect the accounting equation that is displayed below. The accounting equation should always remain in balance at the time of recording a business transaction:

Asset = Liabilities + Stockholders' equity

To prepare: The journal entries to record the transactions at January 1, 2017 for H. Company.

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