Answered: Draw the diamond rule structure that…

Draw the diamond rule structure that help in recording journal entries in debit and credit columns in General Journal. Explain the structure and its parts.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 3PB: Use the journals and ledgers that follows. Total and rule (draw a line under the column of numbers)...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

i. Draw the diamond rule structure that help in recording journal entries in debit and credit columns in
General Journal. Explain the structure and its parts.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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