COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 4, Problem 1.5SRQ
To determine
Explain should two accounts be credited if two accounts are debited in a compound
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When a financial transaction occurs, it affects at least two accounts and every ledger account has two sides. How can you know on which side the increase or decrease in an account is to be recorded?
The double-entry accounting system means
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A.
Each transaction is recorded with two journal entries.
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B.
Each item is recorded in a journal entry, then in a general ledger account.
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C.
The dual effect of each transaction is recorded with a debit and a credit.
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D.
None of these answer choices are correct.
What does double entry implies ?Â
Recording entries in journal
Recording entries in ledger account
Recording two aspects for every transaction
Recording every transaction in books
Chapter 4 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 4 - The part of the journal entry to be recorded first...Ch. 4 - A general journal is like a(n): a. address book....Ch. 4 - Why are check and invoice numbers included in the...Ch. 4 - Prob. 1.4SRQCh. 4 - Prob. 1.5SRQCh. 4 - Prob. 1.6SRACh. 4 - Prob. 2.1SRQCh. 4 - Prob. 2.2SRQCh. 4 - What is entered in the Posting Reference column of...Ch. 4 - Prob. 2.4SRE
Ch. 4 - Prob. 2.5SRECh. 4 - Prob. 2.6SRACh. 4 - What is recorded in the Posting Reference column...Ch. 4 - Prob. 2CSRCh. 4 - Prob. 3CSRCh. 4 - Prob. 4CSRCh. 4 - Prob. 5CSRCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - What is a ledger?Ch. 4 - What is posting?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - What is a compound journal entry?Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - Prob. 11DQCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Compound journal entries. The following...Ch. 4 - Prob. 5ECh. 4 - Recording a correcting entry. On August 22, 2019,...Ch. 4 - Prob. 1PACh. 4 - On October 1, 2019, Helen Kennedy opened an...Ch. 4 - The following journal entries were prepared by an...Ch. 4 - Prob. 4PACh. 4 - Prob. 1PBCh. 4 - Prob. 2PBCh. 4 - Prob. 3PBCh. 4 - Prob. 4PBCh. 4 - Prob. 1CTPCh. 4 - Prob. 2CTPCh. 4 - Prob. 1MFCh. 4 - Prob. 2MFCh. 4 - Prob. 3MFCh. 4 - Prob. 4MFCh. 4 - Prob. 1ED
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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 which account the entry will be recorded. Table 8.4arrow_forwardFor each of the transactions below, indicate the account to be debited or credited by placing the letter representing the account in the appropriate column.arrow_forwardWhich one of the following step does not involve Posting from journal to the ledger? a. Enter the description of the entry. b. Enter the page of the journal from which each transaction is posted in the accounts. c. Enter the amount of each transaction in the accounts. d. Enter the date of each transaction in the accounts.arrow_forward
- Posting from the journal to the ledger does NOT involve which of the following steps? a.Enter the amount of each transaction in the accounts.  b.Enter the page of the journal from which each transaction is posted in the accounts. c.Enter the date of each transaction in the accounts. d.Enter the description of the entry.arrow_forwardThe T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.arrow_forwardThe two-column journal a.contains a debit and a credit column for recording the amounts for each transaction. b.contains two description columns, one for debits and one for credits. c.contains the activity related to one account. d.is used to record the balances for each transaction.arrow_forward
- Posting 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_forwardTrue or False After posting a transaction, the new balance in an account can be seen in the general ledger.arrow_forwardA date-wise record of transactions expressed as debits and credits to accounts is provided by a. journal. b. ledger. c. balance sheet. d. trial balance.arrow_forward
- How do I write journal entries for these separate transactions? And which are debit/credit?arrow_forwardHelp please with explanation,,, 49. Double entry implies that A. Recording entries in Ledger account B. Recording two aspects of every transaction c. Recording every transaction in books D. Recording entries in Journal Help please with explanation,,,arrow_forwardWhat is the difference between an account and a ledger? What are the parts of a T account? How are transactions recorded in a journal? Do the terms debit and credit signify increase or decrease, or can they signify either? What is a trial balance? If the two totals of a trial balance are equal, does it mean there are no errors in the accounting records?arrow_forward
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