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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 13PB
Textbook Problem
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Record journal entries for the following transactions of Graphics & Signs.

Chapter 9, Problem 13PB, Record journal entries for the following transactions of Graphics  Signs.

To determine

Concept introduction:

Journal entry is the entry made in Journal books; it is also called books of Original entry. Both the effect of transaction is Simultaneously Recorded in this Book by Showing Debit and Credit on the book.

To prepare:

Journal Entry and Show Impact

Explanation of Solution

Journal entries to record sales transaction are as Follows.

JOURNAL ENTRIES
DATE PARTICULAR LF DR(AMOUNT) $ CR(AMOUNT) $
1-Jan-18 Accounts Receivables Account Dr   248400  
  To Sales Account     248400
  (Being goods sold on credit of $ 248400)      
       
1-Jan-18 Cogs Account Dr   99500  
  To Inventory Account     99500
  (Being sold goods Cost of $ 99500)      
       
1-Jan-18 Note Receivables Dr   248400  
  To Accounts Receivables     248400
  (Being note issue against account receivable)      
       
31-Dec-18 Interest Receivables Account Dr   10681...

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Chapter 9 Solutions

Principles of Accounting Volume 1
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