Journal Entry : It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount. To Give: Correct explanation to the journal entry.

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Answer 1

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Chapter 3, Problem 1PSB

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

To Give:

Correct explanation to the journal entry.

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For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once. To record receipt of unearned revenue. To record this period's earning of prior unearned revenue. To record payment of an accrued expense. To record receipt of an accrued revenue. To record an accrued expense. To record an accrued revenue. To record this period's use of a prepaid expense. To record payment of a prepaid expense. To record this period's depreciation expense.

2 3 1 4 5 7 8 9 10 12 Depreciation Expense Accumulated Depreciation Uneamed Revenue Services Revenue Insurance Expense Prepaid Insurance Salaries Payable Cash Prepaid Rent Cash Salaries Expense Salaries Payable Interest Receivable Interest Revenue Cash Accounts Receivable (from consulting) Cash Unearned Revenue Cash Interest Receivable Rent Expense Prepaid Rent Interest Expense Interest Payable 1,400 4,300 3,300 4,500 2,000 3,700 5,400 4,900 9,000 6,000 3,000 1,700 1,400 4,300 3,300 4,500 2,000 3,700 5,400 4,900 9,000 6,000 3,000 1,700

Please check my work For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once. To record receipt of unearned revenue. To record this period's earning of prior unearned revenue. To record payment of an accrued expense. To record receipt of an accrued revenue. To record an accrued expense. To record an accrued revenue. To record this period's use of a prepaid expense. To record payment of a prepaid expense. To record this period's depreciation expense.

Answer 2

Question

Chapter 3, Problem 1PSB

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

To Give:

Correct explanation to the journal entry.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem 1PSB

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

To Give:

Correct explanation to the journal entry.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 1PSB

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

To Give:

Correct explanation to the journal entry.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 1PSB

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

To Give:

Correct explanation to the journal entry.

Answer 6

Chapter 3, Problem 1PSB

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

To Give:

Correct explanation to the journal entry.

Answer 7

Chapter 3, Problem 1PSB

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

To Give:

Correct explanation to the journal entry.

Answer 8

Expert Solution & Answer

Answer 9

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Answer 10

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Answer 11

Ch. 3 - What is the difference between the cash basis and...Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - What type of business is most likely to select a...Ch. 3 - What is a prepaid expense and where is it reported...Ch. 3 - Prob. 5DQ Ch. 3 - What contra account is used when recording...Ch. 3 - Prob. 7DQ Ch. 3 - Prob. 8DQ Ch. 3 - Prob. 9DQ Ch. 3 - Prob. 10DQ

Journal Entry : It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount. To Give: Correct explanation to the journal entry.

Solution Summary: The author explains that the journal entry is the original books of entries where company records the business transaction.

Concept explainers

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Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

To Give:

Correct explanation to the journal entry.

Want to see the full answer?

Chapter 3 Solutions

Journal Entry : It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount. To Give: Correct explanation to the journal entry.

Solution Summary: The author explains that the journal entry is the original books of entries where company records the business transaction.

Concept explainers

Videos

Concept Introduction: Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount. To Give: Correct explanation to the journal entry.

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Chapter 3 Solutions

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

To Give:

Correct explanation to the journal entry.