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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

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FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 9, Problem 11PB
Textbook Problem
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Record journal entries for the following transactions of Noreen Turbines.

Chapter 9, Problem 11PB, Record journal entries for the following transactions of Noreen Turbines.

To determine

Concept introduction:

Journal Entry: In journal entry, a company records all the business transactions which are in monetary form. Company records the transaction on debit and credit side in a journal entry. The total of debit and credit side is always equal.

To prepare:

Journal Entry in the books of companies.

Explanation of Solution

Date Particulars Debit ($) Credit ($)
Jan 1, 2018 Note A/c Sales A/c (Being goods sold to customer on credit and note given by party.) 1800500 1800500
Jan 1, 2018 Cost of goods sold A/c Inventory A/c (Being Inventory is transferred to the COGS account.) 760430 760430
Dec 31, 2018 Note A/c Interest A/c (Being interest due for the year and transferred to note account...

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Chapter 9 Solutions

Principles of Accounting Volume 1
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