What is the difference between a simple and a compound journal entry? What rule must be followed

Question:

What is the difference between a simple and a compound journal entry? What rule must be followed when recording a compound entry so the accounting equation remains balanced?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Principles Part 1

ISBN: 978-1118306789

6th Canadian edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

See More Books

Question Posted: Mar 15, 2017 10:54 AM

See More Questions

What is the difference between a fee simple estate and a leased fee estate?
What is the difference between simple interest and compound interest? Is the amount of interest higher or lower when the interest is simple rather than compound?
What is the difference between simple and multiple regression?
General-equilibrium effects with labor complementarity. Consider an economy comprised of 100 cities. Each city initially contains 1 million each of high school dropouts, high school graduates,...
Using the following data, compute the variable manufacturing overhead spending variance. Number of nightstands produced . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
p. 510 Organizational restructuring efforts have a weak negative effect on job performance. They have a more significant negative effect on organizational commitment because employees tend to feel...
Jamie Lee and Ross are estimating that they will be putting $40,000 from their savings as a down payment on their home purchase. Using the traditional financial guideline suggestion of two and a half...
Carl owns 100% of the common shares of Extra Ltd., a Canadian-controlled private corporation operating a wholesale business in eastern Canada. Extras fiscal year end is May 31, 20X8. It is now April...
When using cash accounting which of the following accounts would never be used? Accounts payable Fertilizer purchases Depreciation Grain sales
A computer laboratory in a school has 33 computers. Each of the 33 computers has 90% reliability. Allowing for 10% of the computers to be down, an instructor specifies an enrollment ceiling of 30 for...
What is an account? Will a company need more than one account? Explain.
Hiroshi Benoit, a fellow student, is unclear about similarities and diff erences between using a manual system or a computerized system in the recording process. Briefl y explain, including the...
What is learning?
Suppose a company bases its hourly rates on the number of customers per hour. The hourly rate the company charges is given by two functions where = g(2) 4, g(3) = 2, 9(4) = 3 and f(2) = 6, f(3) = 3,...
Which statements about insurance are true? 1- Insurance protects against the the worst-case scenario. All rational people want to buy insurance. 2- Insurance costs money, and therefore always...
need step by step instruction about creating this: in NX12 PART NAME: BRACKET ALL FILLETS R .313 ALL ROUNDS R .625 2X .500 1/500 2.875 9.500 4750 2875 $500 3.000 750 GENTERED IN OBJECT 2.375
8. Convert the angle - 7t from radian measure into degree measure. Show some work. 4
4. Variance Analysis. (CPA, adapted) The H. G. Company uses a standard cost system in accounting for the cost of one of its products. < The Budget is based on normal capacity of monthly production of...
According to a brochure from Dow Chemical Company, the pressure drop for water flowing through a bed of 20-mesh to 50-mesh Dowex 50-X8 resin is said to be proportional to the flow rate and has a...
Define a traverse in Surveying?
Natalie is thinking of buying a van that will be used only for business. She estimates that she can buy the van for $28,400. Natalie would spend an additional $3,000 to have the van painted. As well,...
Refer to the financial statements and the Notes to Consolidated Statements for Reitmans (Canada) Limited, which are reproduced in Appendix A. Instructions (a) For each type of property and equipment...
WestJet Airlines Ltd. is one of Canada's leading airlines, offering service to destinations in Canada, the United States, Mexico, and the Caribbean. The following is a partial extract from its...
You are the digital marketing director for High West fashions, a regional clothing company that specializes in custom t-shirts. Your company has decided to launch an online advertising campaign that...
In-the-money put options will automatically get exercised at the expiration. True OR False
Which of the following examples of business-use property is NOT eligible for Section 1231 treatment when sold at a gain? * Sale of land held for three years. Net gain from a casualty gain on a dump...

What is the difference between a simple and a compound journal entry? What rule must be followed

Question:

Step by Step Answer:

A simple journal entry refers to an entry that affects only t...View the full answer

Accounting Principles Part 1

Students also viewed these Cost Accounting questions