Journal entry : Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically. Debit and credit rules: Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts. Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts. Posting transactions: The process of transferring the journalized transactions into the accounts of the ledger is known as posting the transactions. Trial balance : Trial balance is a summary of all the asset, liability, and equity accounts and their balances. To journalize: The transactions of VY for the month of July

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Chapter 2, Problem 2.29AP

(1)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

Posting transactions: The process of transferring the journalized transactions into the accounts of the ledger is known as posting the transactions.

Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their balances.

To journalize: The transactions of VY for the month of July

(2)

To determine

To post: The T-accounts for VY and indicate the balance as Bal.

(3)

To determine

To Prepare: trial balance for VY at July 31, 2018.

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