Describe how accounts, debits, and credits are used to record business transactions.
Question:
Describe how accounts, debits, and credits are used to record business transactions.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
In accounting the doubleentry system is used to record business transactions where each transaction affects at least two accounts one account is debit...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting With International Financial Reporting Standards
ISBN: 9781119787051
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Business questions
-
The "All About You" feature indicates that Luca Pacioli, who described the double-entry accounting system used over 500 years ago, wrote "a person should not go to sleep at night until the debits...
-
7) The second financial statement to prepare is the statement of retained eamings. To determine the ending balance of retained earnings you need to start with the opening balance as reported in the...
-
TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) Accounting is an information system that identifies, measures, records and 1) communicates relevant information...
-
Q4 11 Points 4. Consider the following Current Data for ABC Corp.: Debt Equity Market Value (in millions of $) 16,000 26,000 Cost 7% 14% If ABC moves to and maintains a debt-to-value (D/V) ratio of...
-
On October 1, 2017, Sharp Company (based in Denver, Colorado) entered into a forward contract to sell 100,000 rubles in four months (on January 31, 2018) and receive $39,000 in U.S. dollars. Exchange...
-
Dunn Corporation owns 100 percent of Grey Corporations common stock. On January 2, 2017, Dunn sold to Grey $40,000 of machinery with a carrying amount of $30,000. Grey is depreciating the acquired...
-
Impute the sugars value of Quaker Oatmeal.
-
In the project environment, cause-and-effect relationships are almost always readily apparent. Good project management will examine the effect in order to better understand the cause and possibly...
-
Lindon Company is the exclusive distributor for an automotive product that sells for $26.00 per unit and has a CM ratio of 30%. The company's fixed expenses are $132,600 per year. The company plans...
-
Feng Disc Golf Course was opened on March 1. The following selected events and transactions occurred during March (amounts in thousands). Mar. 1 3 Lee Feng invested 20,000 cash in the business in...
-
The basic accounting equation is Assets = Liabilities + Equity. Replacing the words in that equation with numeric amounts, what is TSMCs accounting equation at December 31, 2020?
-
Why do you think some companies are moving to unlimited vacation policies? Is it feasible in small companies? Discuss.
-
Kelly Corporation received an advanced payment of \(\$ 30,000\) in 2018 from Rufus Company for consulting services. Kelly performed half of the consulting in 2018 and the remainder in 2019. Kelly...
-
Rosa Dominguez, the owner of Elegant Dining in San Jose, California, is pondering whether to buy electronic menu technology and tablets for her five-star restaurant. Prices for a typical four course...
-
Dura Corporation makes metal frames for several world brands of portable home generators. They sell the frames to a wide variety of portable generator manufacturers such as DeWalt, DuroMax, Generac,...
-
Rocker Industries (RI) produces recreational in-line skates (see Exhibit 14.36). Demand is seasonal, peaking in the summer months, with a smaller peak demand during December. For one of their more...
-
The BOM, current inventory, and lead time (in months) for the in-line skates in Rocker Industries (A) case is shown in Exhibit 14.37. Using the chase demand strategy, you developed in Rocker...
-
Bart is a college student. Since his plan is to get a job immediately after graduation, he determines that he will need about $ 250,000 in life insurance to provide for his future wife and children...
-
Economic feasibility is an important guideline in designing cost accounting systems. Do you agree? Explain.
-
Domino is 4 0 years old and is married out of community of property with the exclusion of the accrual system to Dolly ( 3 5 ) . They have one child, Domonique, who is 1 1 years old. Domino resigned...
-
YOU ARE CREATING AN INVESTMENT POLICY STATEMENT FOR JANE DOE General: 60 years old, 3 grown children that are living on their own and supporting themselves. She is in a very low tax rate so we don't...
-
firm purchased a new piece of equipment with an estimated useful life of eight years. The cost of the equipment was $65,000. The salvage value was estimated to be $10,000 at the end of year 8. Using...
Study smarter with the SolutionInn App