FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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

Below are recorded transactions of Yellow Jacket Corporation for August.
                         

                                                                  Debit              Credit
1. Equipment........................................................ 8,800
                                 Cash.............................................................. 8,800
2. Accounts Receivable..................................... 3,200
                                 Service Revenue....................................... 3,200
3. Salaries Expense............................................ 1,900
                                Cash.............................................................. 1,900
4. Cash................................................................... 1,500
                               Deferred Revenue.................................... 1,500
5. Dividends.......................................................... 900
                                  Cash.............................................................. 900

Required:
Provide an explanation for each transaction.

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