When a journal entry is made, what must be equal? Why?
Answer to relevant QuestionsCan accounting transactions are directly recorded in the general ledger? If so, why do most companies initially record transactions in the journal? Distinguish between comparability and consistency. Four transactions are listed below. a. Sold goods to customers on credit b. Collected amounts due from customers c. Purchased supplies on account d. Used supplies in operations of the business Required: Prepare three columns ...Presented below are the four assumptions and four principles used in measuring and reporting accounting information. Assumptions Principles a. Economic entity .......... e. Historical cost b. Continuity ...Each of the balance sheet changes below and on p. 94 is associated with a particular transaction: a. Equipment increases by $5,000 and cash decreases by $5,000. b. Cash increases by $4,100 and stockholders’ equity ...
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