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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 61
Recording Nonquantitatlve Journal Entries
The following list includes a series of accounts for B-ball Corporation, which has been operating for three years. These accounts are listed alphabetically and numbered for identification. Following the accounts is a series of transactions. For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. If no journal entry is needed, write none after the transaction. The first transaction is used as an example.
TIP : In transaction ( h ) remember what the expense recognition principle says.
TIP : Think of transaction ( j ) as two transactions: (1) incur expenses and liability and (2) pay
The following list includes a series of accounts for B-ball Corporation, which has been operating for three years. These accounts are listed alphabetically and numbered for identification. Following the accounts is a series of transactions. For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. If no journal entry is needed, write none after the transaction. The first transaction is used as an example.
TIP : In transaction ( h ) remember what the expense recognition principle says.
TIP : Think of transaction ( j ) as two transactions: (1) incur expenses and liability and (2) pay
Explanation
Verified
Verified
b.
Debit: Cash; Credit: Contributed cap...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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