Concept explainers
COACHED PROBLEMS
Recording Nonquantitative Journal Entries
The following list includes a series of accounts for B-ball Corporation, which has been operating for three years. These accounts are listed alphabetically and numbered for identification. Following the accounts is a series of transactions. For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. If no
TIP: In transaction (h), remember what the expense recognition principle says.
TIP: Think of transaction (j) as two transactions: (1) incur expenses and liability and (2) pay part of the liability.
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Loose-leaf for Fundamentals of Financial Accounting with Connect
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