Explanation A compound entry can be described as a journal entry which involves three or more than three accounts. A compound entry is also referred to as a combined entry. Example : Consider the example of compound entry. Company M bought computers worth $4,400 from a supplier on January 1, 2019. Company M paid cash of $2,000, and issued a note of $2,400 (payable in 6 months) for the purchase. Record the transactions of Company M. Date Particulars L/F

9th Edition

ISBN: 9781118334324

Author: Jerry J. Weygandt

Publisher: WILEY

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Question

Chapter 2, Problem 13Q

To determine

Compound entry: A compound entry can be referred to as an accounting entry, wherein there is more than one debit or credit. At times, it has more than one of both the debit amounts and credit amounts. A compound entry is a combination of many journal entries that are simple in nature. Such entries are combined due to various reasons. It basically helps in increasing the efficiency of the bookkeeping system.

To describe: The meaning of compound entry with an example

Expert Solution & Answer

Chapter 2 Solutions

Financial Accounting

Ch. 2 - Prob. 1Q Ch. 2 - Prob. 2Q Ch. 2 - 3. Tom Dingel, a fellow student contends that the...Ch. 2 - 4. Olga Conrad, a beginning accounting student,...Ch. 2 - Prob. 5Q Ch. 2 - Prob. 6Q Ch. 2 - 7. Indicate whether each of the following accounts...Ch. 2 - Prob. 8Q Ch. 2 - 9. Indicate whether the following accounts...Ch. 2 - Prob. 10Q

Ch. 2 - Prob. 11Q Ch. 2 - Prob. 12Q Ch. 2 - Prob. 13Q Ch. 2 - 14. (a) Should business transaction debits and...Ch. 2 - 15. The account number is entered as the last step...Ch. 2 - Prob. 16Q Ch. 2 - 17 (a) What is a ledger? (b) What is a chart of...Ch. 2 - Prob. 18Q Ch. 2 - Prob. 19Q Ch. 2 - Prob. 20Q Ch. 2 - 21. What are the normal balances for Apple’s Cash,...Ch. 2 - BE2-1 For each of the following accounts indicate...Ch. 2 - BE2-2 Transactions for the Sheldon Cooper Company,...Ch. 2 - Prob. 2.3BE Ch. 2 - Prob. 2.4BE Ch. 2 - BE2-5 Bombeck Inc, has the following transactions...Ch. 2 - Prob. 2.6BE Ch. 2 - Prob. 2.7BE Ch. 2 - Prob. 2.8BE Ch. 2 - Prob. 2.9BE Ch. 2 - Prob. 2.10BE Ch. 2 - Prob. 2.1DIR Ch. 2 - Prob. 2.2DIR Ch. 2 - Prob. 2.3DIR Ch. 2 - Prob. 2.4DIR Ch. 2 - E2-1 Faith Dillon has prepared the following list...Ch. 2 - Prob. 2.2E Ch. 2 - Prob. 2.3E Ch. 2 - E2-4 Presented below is information related to...Ch. 2 - Prob. 2.5E Ch. 2 - Prob. 2.6E Ch. 2 - Prob. 2.7E Ch. 2 - E2-10 Meghan Selzer has prepared the following...Ch. 2 - Prob. 2.9E Ch. 2 - Prob. 2.10E Ch. 2 - Prob. 2.11E Ch. 2 - Prob. 2.12E Ch. 2 - Prob. 2.13E Ch. 2 - Prob. 2.14E Ch. 2 - Prob. 2.1AP Ch. 2 - Prob. 2.2AP Ch. 2 - Prob. 2.3AP Ch. 2 - P2–4A The trial balance of Dominic Company shown...Ch. 2 - Prob. 2.5AP Ch. 2 - Prob. 2.1BP Ch. 2 - Prob. 2.2BP Ch. 2 - Prob. 2.3BP Ch. 2 - Prob. 2.4BP Ch. 2 - Prob. 2.5BP Ch. 2 - Prob. 2.1BYP Ch. 2 - CT2-2 PepsiCo’s financial statements are presented...Ch. 2 - Prob. 2.3BYP Ch. 2 - Prob. 2.4BYP Ch. 2 - CT2-5 The January 27, 2011, edition of the New...Ch. 2 - Prob. 2.6BYP Ch. 2 - Prob. 2.7BYP Ch. 2 - Prob. 2.8BYP Ch. 2 - Prob. 2.9BYP Ch. 2 - CT2-10 Every company needs to plan in order to...Ch. 2 - Prob. 2.11BYP Ch. 2 - Prob. 2.1IFRS Ch. 2 - Prob. 2.2IFRS

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