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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 2, Problem 2BE
Textbook Problem
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Journal entry for asset purchase

Prepare a journal entry for the purchase of office supplies on November 2 for $1,600, paying $500 cash and the remainder on account.

To determine

Prepare the journal entry to record the purchase of an asset (office supplies).

Explanation of Solution

Journal:

Journal is the book of original entry. Journal consists of the day today financial transactions in a chronological order. The journal has two aspects; they are debit aspect and the credit aspect.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Prepare the journal entry to record the purchase of an asset (Office supplies):

DateAccount title and explanationPost Ref...

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Chapter 2 Solutions

Financial And Managerial Accounting
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