Answered: How will I debit and credit this…

How will I debit and credit this general journal entry? Master Flow receives payment in full on the Craftsman’s Trade account.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section3.2: Transactions Affecting Prepaid Insurance And Supplies

Problem 2AYU

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

How will I debit and credit this general journal entry?

Master Flow receives payment in full on the Craftsman’s Trade account.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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