The 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.
The 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.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5E: The debits and credits from four related transactions are presented in the following T accounts....
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The 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.
Expert Solution
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Step 1
Lets understand the basics.
The two column journal is a journal which is having debit and credit side.
It is there to record the financial event and transaction occur during particular event.
It is require to determine which account needs to debit and which accounts needs to credit with which amount.
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