The part of the journal entry to be recorded first is the: a. asset. b. credit. c. debit. d. liability.

Question

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Answer 1

Textbook Question

Chapter 4, Problem 1.1SRE

The part of the journal entry to be recorded first is the:

a. asset.
b. credit.
c. debit.
d. liability.

Expert Solution & Answer

To determine

Identify the part of journal entry to be recorded first.

Answer to Problem 1.1SRE

Option (c).

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit: A debit, is an accounting term that refers to the left side of an account. The term debit is be denoted by (Dr). The recording amount on the left side of the account is known as debiting.

Credit: A credit, is an accounting term that refers to the right side of an account. The term credit is denoted as (Cr). The recording amount on the right side of the account is known as crediting.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all the increase in the assets, the expenses and the dividends, all the decrease in liabilities, revenues and the stockholders’ equities.
Credit, all the increase in the liabilities, the revenues, and the stockholders’ equities, and all decreases in the assets, and the expenses.

In the journal entry Debit is first recorded followed by the credit, for the respective incomes and expenses.

Option (c):

As per the above explanation Option c, is the correct answer.

Option (a):

As per the above explanation Option a, is an incorrect answer.

Option (b):

As per the above explanation Option b, is an incorrect answer.

Option (d):

As per the above explanation Option d, is an incorrect answer.

Conclusion

Therefore, Option (c) is the correct answer.

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Every journal entry must have two parts: an asset and a liability a liability and an equity a debit and a credit a revenue and an expense

Which among the following is considered as the book of original entry? a. Trial Balance b. Balance Sheet c. Journal d. Ledger

After transaction information has been recorded in the journal, it is transferred to the Select one: a.income statement. b.ledger. c.trial balance. d.book of original entry.

Answer 2

Textbook Question

Chapter 4, Problem 1.1SRE

The part of the journal entry to be recorded first is the:

a. asset.
b. credit.
c. debit.
d. liability.

Expert Solution & Answer

To determine

Identify the part of journal entry to be recorded first.

Answer to Problem 1.1SRE

Option (c).

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit: A debit, is an accounting term that refers to the left side of an account. The term debit is be denoted by (Dr). The recording amount on the left side of the account is known as debiting.

Credit: A credit, is an accounting term that refers to the right side of an account. The term credit is denoted as (Cr). The recording amount on the right side of the account is known as crediting.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all the increase in the assets, the expenses and the dividends, all the decrease in liabilities, revenues and the stockholders’ equities.
Credit, all the increase in the liabilities, the revenues, and the stockholders’ equities, and all decreases in the assets, and the expenses.

In the journal entry Debit is first recorded followed by the credit, for the respective incomes and expenses.

Option (c):

As per the above explanation Option c, is the correct answer.

Option (a):

As per the above explanation Option a, is an incorrect answer.

Option (b):

As per the above explanation Option b, is an incorrect answer.

Option (d):

As per the above explanation Option d, is an incorrect answer.

Conclusion

Therefore, Option (c) is the correct answer.

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Answer 3

Textbook Question

Chapter 4, Problem 1.1SRE

The part of the journal entry to be recorded first is the:

a. asset.
b. credit.
c. debit.
d. liability.

Expert Solution & Answer

To determine

Identify the part of journal entry to be recorded first.

Answer to Problem 1.1SRE

Option (c).

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit: A debit, is an accounting term that refers to the left side of an account. The term debit is be denoted by (Dr). The recording amount on the left side of the account is known as debiting.

Credit: A credit, is an accounting term that refers to the right side of an account. The term credit is denoted as (Cr). The recording amount on the right side of the account is known as crediting.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all the increase in the assets, the expenses and the dividends, all the decrease in liabilities, revenues and the stockholders’ equities.
Credit, all the increase in the liabilities, the revenues, and the stockholders’ equities, and all decreases in the assets, and the expenses.

In the journal entry Debit is first recorded followed by the credit, for the respective incomes and expenses.

Option (c):

As per the above explanation Option c, is the correct answer.

Option (a):

As per the above explanation Option a, is an incorrect answer.

Option (b):

As per the above explanation Option b, is an incorrect answer.

Option (d):

As per the above explanation Option d, is an incorrect answer.

Conclusion

Therefore, Option (c) is the correct answer.

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Answer 4

Textbook Question

Chapter 4, Problem 1.1SRE

The part of the journal entry to be recorded first is the:

a. asset.
b. credit.
c. debit.
d. liability.

Expert Solution & Answer

To determine

Identify the part of journal entry to be recorded first.

Answer to Problem 1.1SRE

Option (c).

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit: A debit, is an accounting term that refers to the left side of an account. The term debit is be denoted by (Dr). The recording amount on the left side of the account is known as debiting.

Credit: A credit, is an accounting term that refers to the right side of an account. The term credit is denoted as (Cr). The recording amount on the right side of the account is known as crediting.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all the increase in the assets, the expenses and the dividends, all the decrease in liabilities, revenues and the stockholders’ equities.
Credit, all the increase in the liabilities, the revenues, and the stockholders’ equities, and all decreases in the assets, and the expenses.

In the journal entry Debit is first recorded followed by the credit, for the respective incomes and expenses.

Option (c):

As per the above explanation Option c, is the correct answer.

Option (a):

As per the above explanation Option a, is an incorrect answer.

Option (b):

As per the above explanation Option b, is an incorrect answer.

Option (d):

As per the above explanation Option d, is an incorrect answer.

Conclusion

Therefore, Option (c) is the correct answer.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Identify the part of journal entry to be recorded first.

Answer to Problem 1.1SRE

Option (c).

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit: A debit, is an accounting term that refers to the left side of an account. The term debit is be denoted by (Dr). The recording amount on the left side of the account is known as debiting.

Credit: A credit, is an accounting term that refers to the right side of an account. The term credit is denoted as (Cr). The recording amount on the right side of the account is known as crediting.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all the increase in the assets, the expenses and the dividends, all the decrease in liabilities, revenues and the stockholders’ equities.
Credit, all the increase in the liabilities, the revenues, and the stockholders’ equities, and all decreases in the assets, and the expenses.

In the journal entry Debit is first recorded followed by the credit, for the respective incomes and expenses.

Option (c):

As per the above explanation Option c, is the correct answer.

Option (a):

As per the above explanation Option a, is an incorrect answer.

Option (b):

As per the above explanation Option b, is an incorrect answer.

Option (d):

As per the above explanation Option d, is an incorrect answer.

Conclusion

Therefore, Option (c) is the correct answer.

Answer 8

Expert Solution & Answer

To determine

Identify the part of journal entry to be recorded first.

Answer to Problem 1.1SRE

Option (c).

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit: A debit, is an accounting term that refers to the left side of an account. The term debit is be denoted by (Dr). The recording amount on the left side of the account is known as debiting.

Credit: A credit, is an accounting term that refers to the right side of an account. The term credit is denoted as (Cr). The recording amount on the right side of the account is known as crediting.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all the increase in the assets, the expenses and the dividends, all the decrease in liabilities, revenues and the stockholders’ equities.
Credit, all the increase in the liabilities, the revenues, and the stockholders’ equities, and all decreases in the assets, and the expenses.

In the journal entry Debit is first recorded followed by the credit, for the respective incomes and expenses.

Option (c):

As per the above explanation Option c, is the correct answer.

Option (a):

As per the above explanation Option a, is an incorrect answer.

Option (b):

As per the above explanation Option b, is an incorrect answer.

Option (d):

As per the above explanation Option d, is an incorrect answer.

Conclusion

Therefore, Option (c) is the correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Identify the part of journal entry to be recorded first.

Answer 12

Answer to Problem 1.1SRE

Option (c).

Answer 13

Explanation of Solution

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit: A debit, is an accounting term that refers to the left side of an account. The term debit is be denoted by (Dr). The recording amount on the left side of the account is known as debiting.

Credit: A credit, is an accounting term that refers to the right side of an account. The term credit is denoted as (Cr). The recording amount on the right side of the account is known as crediting.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all the increase in the assets, the expenses and the dividends, all the decrease in liabilities, revenues and the stockholders’ equities.
Credit, all the increase in the liabilities, the revenues, and the stockholders’ equities, and all decreases in the assets, and the expenses.

In the journal entry Debit is first recorded followed by the credit, for the respective incomes and expenses.

Option (c):

As per the above explanation Option c, is the correct answer.

Option (a):

As per the above explanation Option a, is an incorrect answer.

Option (b):

As per the above explanation Option b, is an incorrect answer.

Option (d):

As per the above explanation Option d, is an incorrect answer.