FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
19th Edition
ISBN: 9781119493624
Author: Kimmel
Publisher: WILEY
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Textbook Question
Chapter 3, Problem 16Q
(a) When entering a transaction in the journal, should the debit or credit be written first?
(b) Which should be indented, the debit or the credit?
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Are debits or credits listed first in journal entries? Are debits or credits indented?
Question. Which of the following transactions has to be recorded in the journal? Specify whether the entry will be a debit or a credit and the account to which it will be applied. If "NA" is not applicable, choose it.
Are debits or credits typically listed first in general journal entries? Are the debits or the credits indented?
Chapter 3 Solutions
FINANCIAL ACCOUNTING:TOOLS FOR BUSINESS
Ch. 3 - Prob. 1QCh. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4QCh. 3 - Prob. 5QCh. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9QCh. 3 - What is the normal balance for each of these...
Ch. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - (a) When entering a transaction in the journal,...Ch. 3 - (a) Should accounting transaction debits and...Ch. 3 - Journalize these accounting transactions. (a)...Ch. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21QCh. 3 - Prob. 22QCh. 3 - Prob. 3.1BECh. 3 - For each of the following accounts, indicate the...Ch. 3 - Prob. 3.6BECh. 3 - Prob. 3.7BECh. 3 - Prob. 3.9BECh. 3 - Tilton Corporation has the following transactions...Ch. 3 - Prob. 3.11BECh. 3 - Selected transactions for Montes Company are...Ch. 3 - Prob. 3.1DIECh. 3 - Prob. 3.2DIECh. 3 - Prob. 3.3DIECh. 3 - Prob. 3.4DIECh. 3 - Prob. 3.1ECh. 3 - Prob. 3.6ECh. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10ECh. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.15ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.23ECh. 3 - Prob. 3.1APCh. 3 - Prob. 3.4APCh. 3 - Prob. 3.11APCh. 3 - Prob. 3.2EYCTCh. 3 - Prob. 3.3EYCTCh. 3 - Prob. 3.4EYCTCh. 3 - Prob. 3.7EYCTCh. 3 - Prob. 3.8EYCTCh. 3 - Prob. 3.9EYCTCh. 3 - Prob. 3.11EYCTCh. 3 - Prob. 3.1IFRS
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- Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Table 8.2arrow_forwardFor a journal entry to be complete, it must contain a. the date. b. a debit entry. c. a credit entry. d. an explanation. e. all of the above.arrow_forwardIf a journal entry includes a debit or credit to the Retained Earnings account, it is most likely which of the following? A. a closing entry B. an adjusting entry C. an ordinary transaction entry D. outside of the accounting cyclearrow_forward
- Arrange the following steps in the posting process in correct order: a. The amount of the balance of the ledger account is recorded in the Debit Balance or Credit Balance column. b. The amount of the transaction is recorded in the Debit or Credit column of the ledger account. c. The ledger account number is recorded in the Post. Ref. column of the journal. d. The date of the transaction is recorded in the Date column of the ledger account. e. The page number of the journal is recorded in the Post. Ref. column of the ledger account.arrow_forwardWhich of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stockarrow_forwardWhich of the following accounting records is the main source of information used to prepare the financial statements? A. journal entries B. T-accounts C. trial balance D. chart of accountsarrow_forward
- What is the relationship between the accounting equation and the double-entry system of recording journal entries?arrow_forwardComplete the following table by indicating for (a) through (g) whether the proper answer is debit or credit:arrow_forwardIdentify whether the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Indicate the normal balance of the account. Table 3.20arrow_forward
- Which process of the accounting cycle often requires the most analytical thought? A. making a journal entry B. posting transactions to accounts C. summarizing the trial balance D. preparing the financial statementsarrow_forwardPosting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.arrow_forwardRead the question and record the above Transactions with date,account titles and explanations, debit or credit. Ps: there is an exemple of how you should record the transactions.arrow_forward
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