Concept explainers
(a)
Journal:
Journal is the book of original entry. Journal consists of the day-to-day financial transactions in a chronological order. The journal has two aspects they are debit aspect, and the credit aspect.
Rules of debit and credit:
“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.
Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.
To journalize: the following accounting transactions.
(b)
To journalize: the following accounting transactions.
(c)
To journalize: the following accounting transactions.
(d)
To journalize: the following accounting transactions.
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Financial Accounting
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