Accounting Principles, Volume 1: Chapters 1 - 12
Accounting Principles, Volume 1: Chapters 1 - 12
12th Edition
ISBN: 9781118978757
Author: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
Publisher: WILEY
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Chapter 2, Problem 7Q
To determine

Rules of Debit and Credit: All the items mentioned in the income statement and balance sheet are presented by journalizing the accounts, then classifying them into ledgers and afterwards resulted in the summarized income statement and balance sheet. For journalizing the various accounts, rules of debit and credit has been followed according to the category of the account. There are five categories of accounts:

To Determine: The nature of account

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Accounting Principles, Volume 1: Chapters 1 - 12

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