Journal: Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system. Rules of Debit and Credit: Following rules are followed for debiting and crediting different accounts while they occur in business transactions: Debit , all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities . Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses. Ledger Account: Ledger is an accounting book which facilitates the transfer of all journal entries in a chronological order to individual accounts. Posting: Posting is the procedure of transferring journal entry amounts to the appropriate ledger accounts. To post: the transaction to cash account of JB.

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Answer 1

Question

Chapter 3, Problem 3.4DIR

To determine

Journal:

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

Ledger Account:

Ledger is an accounting book which facilitates the transfer of all journal entries in a chronological order to individual accounts.

Posting:

Posting is the procedure of transferring journal entry amounts to the appropriate ledger accounts.

To post: the transaction to cash account of JB.

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A small retailer has the following transaction data: beginning inventory $8,400, purchases $64,000, purchase returns $2,500, freight-in $3,400, and ending inventory $11,000. Cost of goods sold is?

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Answer 2

Question

Chapter 3, Problem 3.4DIR

To determine

Journal:

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

Ledger Account:

Ledger is an accounting book which facilitates the transfer of all journal entries in a chronological order to individual accounts.

Posting:

Posting is the procedure of transferring journal entry amounts to the appropriate ledger accounts.

To post: the transaction to cash account of JB.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 3.4DIR

To determine

Journal:

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

Ledger Account:

Ledger is an accounting book which facilitates the transfer of all journal entries in a chronological order to individual accounts.

Posting:

Posting is the procedure of transferring journal entry amounts to the appropriate ledger accounts.

To post: the transaction to cash account of JB.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 3.4DIR

To determine

Journal:

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

Ledger Account:

Ledger is an accounting book which facilitates the transfer of all journal entries in a chronological order to individual accounts.

Posting:

Posting is the procedure of transferring journal entry amounts to the appropriate ledger accounts.

To post: the transaction to cash account of JB.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.4DIR

To determine

Journal:

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

Ledger Account:

Ledger is an accounting book which facilitates the transfer of all journal entries in a chronological order to individual accounts.

Posting:

Posting is the procedure of transferring journal entry amounts to the appropriate ledger accounts.

To post: the transaction to cash account of JB.

Answer 6

Chapter 3, Problem 3.4DIR

To determine

Journal:

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

Ledger Account:

Ledger is an accounting book which facilitates the transfer of all journal entries in a chronological order to individual accounts.

Posting:

Posting is the procedure of transferring journal entry amounts to the appropriate ledger accounts.

To post: the transaction to cash account of JB.

Answer 7

Chapter 3, Problem 3.4DIR

To determine

Journal:

Journal is the method of recording monetary business transactions in chronological order. It records the debit and credit aspects of each transaction to abide by the double-entry system.

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.

Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

Ledger Account:

Ledger is an accounting book which facilitates the transfer of all journal entries in a chronological order to individual accounts.

Posting:

Posting is the procedure of transferring journal entry amounts to the appropriate ledger accounts.

To post: the transaction to cash account of JB.

Answer 8

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Answer 9

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Answer 10

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Answer 11

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