Explanation Journal entry: Journal entry is the part of whole accounting cycle, and recording process starts from journal entry. Journal entry is the primary step of recording process. Journal entry is the method of recording monetary business transactions in chronological order. The journal entry has two aspects; they are debit aspect and the credit aspect. In the journal entry, the account to be debited is entered first in the debit column. The account to be credited is entered on the next line of debited accounts, and the indentation differentiates debit from its credit. A brief explanation of transaction is entered in the last column of journal entry...

8th Edition

ISBN: 9780078025556

Author: Robert Libby, Patricia Libby, Daniel Short

Publisher: McGraw-Hill Education

See similar textbooks

Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

Videos

Question

Chapter 2, Problem 11Q

To determine

Explain the meaning of journal entry.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 2, Problem 10Q

Chapter 2, Problem 12Q

Students have asked these similar questions

What is a journal entry?

What would the journal entry be?

how do you format a journal entry.

Chapter 2 Solutions

Financial Accounting, 8th Edition

Ch. 2 - Prob. 1Q Ch. 2 - Define the following: a. Asset b. Current asset c....Ch. 2 - Prob. 3Q Ch. 2 - Why are accounting assumptions necessary?Ch. 2 - For accounting purposes, what is an account?...Ch. 2 - What is the fundamental accounting model?Ch. 2 - Prob. 7Q Ch. 2 - Explain what debit and credit mean.Ch. 2 - Prob. 9Q Ch. 2 - Prob. 10Q

Ch. 2 - Prob. 11Q Ch. 2 - Prob. 12Q Ch. 2 - How is the current ratio computed and interpreted?Ch. 2 - Prob. 14Q Ch. 2 - Prob. 1MCQ Ch. 2 - Which of the following is not an asset? a....Ch. 2 - Total liabilities on a balance sheet at the end of...Ch. 2 - The dual effects concept can best be described as...Ch. 2 - The T-account is a tool commonly used for...Ch. 2 - Prob. 6MCQ Ch. 2 - The Cash T-account has a beginning balance of...Ch. 2 - Prob. 8MCQ Ch. 2 - At the end of a recent year, The Gap, Inc.,...Ch. 2 - Prob. 10MCQ Ch. 2 - Prob. 1ME Ch. 2 - Matching Definitions with Terms Match each...Ch. 2 - Identifying Events as Accounting Transactions...Ch. 2 - Classifying Accounts on a Balance Sheet The...Ch. 2 - Prob. 5ME Ch. 2 - Prob. 6ME Ch. 2 - Prob. 7ME Ch. 2 - Prob. 8ME Ch. 2 - Prob. 9ME Ch. 2 - Prob. 10ME Ch. 2 - Prob. 11ME Ch. 2 - Prob. 12ME Ch. 2 - Prob. 13ME Ch. 2 - Prob. 1E Ch. 2 - Prob. 2E Ch. 2 - Prob. 3E Ch. 2 - Prob. 4E Ch. 2 - Determining Financial Statement Effects of Several...Ch. 2 - Prob. 6E Ch. 2 - Prob. 7E Ch. 2 - Analyzing the Effects of Transactions In...Ch. 2 - Prob. 9E Ch. 2 - Prob. 10E Ch. 2 - Prob. 11E Ch. 2 - Prob. 12E Ch. 2 - Prob. 13E Ch. 2 - Prob. 14E Ch. 2 - Prob. 15E Ch. 2 - Prob. 16E Ch. 2 - Inferring Typical Investing and Financing...Ch. 2 - Prob. 18E Ch. 2 - Prob. 19E Ch. 2 - Prob. 20E Ch. 2 - Identifying Accounts on a Classified Balance Sheet...Ch. 2 - Prob. 2P Ch. 2 - Prob. 3P Ch. 2 - Prob. 4P Ch. 2 - Prob. 5P Ch. 2 - Prob. 6P Ch. 2 - Prob. 1AP Ch. 2 - Prob. 2AP Ch. 2 - Prob. 3AP Ch. 2 - Prob. 4AP Ch. 2 - Prob. 1CP Ch. 2 - Prob. 2CP Ch. 2 - Prob. 3CP Ch. 2 - Prob. 4CP Ch. 2 - Prob. 5CP Ch. 2 - Prob. 6CP Ch. 2 - Prob. 7CP Ch. 2 - Prob. 8CP Ch. 2 - Prob. 1CC

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Century 21 Accounting General Journal
Accounting
ISBN:9781337680059
Author:Gilbertson
Publisher:Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Intermediate Financial Management (MindTap Course...
Finance
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Cengage Learning