Feeling stuck?

Ask us to find you a qualified specialist in your field

[SOLVED] The accounting rules determine the proper debits and credits in our journal entries

[SOLVED] The accounting rules determine the proper debits and credits in our journal entries. Class,

We are now at the end of our first module in our class.

Accounting has long been regarded as the language of business. In this module, the principal focus was about financial accounting geared toward external reporting. We explored the measurement of income via the Income Statement and the balance sheet that provides a listing of the assets, liabilities, and equity sections of all businesses.

Here’s a tutorial on closing journal entries (not required in the course project)

https://www.youtube.com/watch?v=LHchevi1nwI&list=PL9WjeFIqaX5K9NN4yOy0NIrS1TiJYEp3J&index=5 (Links to an external site.)

TOPIC B – posted Wednesday – GAAP

#1. The accounting rules determine the proper debits and credits in our journal entries

Match the definitions to these terms, commonly known as generally accepted accounting principles (GAAP)





Monetary Unit

Economic Entity

Time Period

Going Concern

Cost Principle

Full Disclosure



1) Ability to easily evaluate one company’s results relative to another’s.

2) Belief that a company will continue to operate for the foreseeable future.

3) The judgment concerning whether an item is large enough to matter to decision makers.

4) The reporting of all information that would make a difference to financial statement users.

5) The practice of preparing financial statements at regular intervals.

6) The quality of information that indicates the information makes a difference in a decision.

7) A belief that items should be reported on the balance sheet at the price that was paid to acquire the item.

8) A company’s use of the same accounting principles and methods from year to year.

9) The use of accounting methods that do not overstate assets or income.

10) Tracing accounting events to particular companies.

11) The desire to minimize errors and bias in financial statements.

12) Reporting only those things that can be measured in dollars.

#2. On which Financial Statement are each of these accounts reported?

(a) Common stock, (b) Income tax payable, (c) Dividends, (d) Income tax expense, (e) Ending balance of retained earnings, (f) Total assets, (g) Long-term debt, (h) Revenue, (i)Cash spent to acquire a building, (j)Selling, general & administrative expenses, (k), Adjustments to reconcile net income to net cash from operations, (l)Ending cash balance, (m) Current liabilities, (n) Net income

TOPIC A – posted Sunday – select as many as you wish

(1) What is the purpose of the journal in accounting? How is it related to the ledger? Briefly describe the steps in the accounting cycle.

(2) Briefly explain the rules of debits and credits as they relate to assets, liabilities, equity, revenue, and expenses.  Do debits always increase an account?  Do credits always decrease an account?  Give examples.

(3) Prepare the income statement and balance sheet from this trial balance.


(3) Prepare journal entries for these transactions and calculate the account balances that would be reported on the trial balance. Does the accounting equation balance?

1Received $50,000 cash and issued stock to the owners2Paid $40,000 cash for land3Bought $3,700 of supplies on account4Received $7,000 cash from customers for service revenue earned5Performed services for customers on account, $3,0006Paid cash expenses: rent, $1,100; employee salary, $1,200; utilities, $4007Paid $1,900 on the account payable created in transaction 38Received $1,000 on account9Sold land for cash at the land’s cost of $22,00010Declared and paid a dividend of $2,100 to the stockholders

[SOLVED] The accounting rules determine the proper debits and credits in our journal entries

Get a Quick Quote

Approximately 250 words
Total price (USD) $: 10.99

Testimonials of our work


Discover what people say about our previously completed projects.

Our guarantees

Confidentiality guarantee

In order to protect your privacy, we follow the GDPR and our own privacy policy.
You are safe when you visit our website because of the cybersecurity software we use.


Free revisions

The person who works for us will fix your paper for free if you find any mistakes in it. If you want to make changes to your paper, you can ask for a revise to do so.

Money-back guarantee

In the event that our promises don’t match up with the results you get, you can ask for a refund and get a full or partial refund.


You want a high-quality essay, but you also want to pay the least money for it. Students who go to college can get high-quality papers from our website for a price they can afford. Both new and long-time users get discounts.


Extra Features

We give you title and reference pages for free. Also, you won’t have to pay extra for formatting because the price is the same. At our essay writing service, you can even get free changes!


Authenticity guarantee

Every paper we write is unique.
To make sure it’s unique, we check every assignment twice with our own plagiarism-detection software.

How it Works

1. Making an Order Tip and Tricks

  • Choose the type of assignment, topic, subject, length, and deadline for your paper.
  • Indicate the following order parameters: service, chosen writer level, number of cited sources, and citation style.
  • Add your document or provide instructions for paper in a specific form.
Image showing step 1 of making an order
Image showing how to make payment for your order

2. Tips and Tricks for Choosing the Right Writer

  • Log in using your email address or your Facebook account.
  • A list of suitable writers will be offered to you. Before making a selection, you can read testimonials or engage in a Live Chat with authors.
  • Check your balance and, if necessary, add funds to your account. Here you will also find exclusive bargains.
  • Put money into the account of the chosen writer.

3. Tips and Tricks for Supervising the Writing Process

  • Get the chance to keep track of the process and connect with your writer.
  • If required, include updated instructions.
  • Have a conversation with your author.
Image showing how to supervise writing process
Image showing how to download your completed results

4. Tips and Tricks to Enjoy the Results

  • You will receive the paper. You have the option of requesting modifications if they are required. Before giving it back to the writer, make a list of the adjustments that need to be made.
  • Accept the paper and send the money to the author.
  • Rate your writer, submit your request, then sit back and enjoy the results.

Feeling stuck?

Ask us to find you a qualified specialist in your field.


If you buy papers from HomeworkHelpCenter.com, is it OK?

Yes. The use of online help is not banned by any college or university. You can’t do anything wrong by getting help with your essay or research paper from someone else. Working with writers and experts in your field online is like going to a college tutor for help with writing problems.

What do your writers write about?

WriteMyCollegeHomework.com experts can write papers in a wide range of subjects, no matter what kind of paper you need. We write custom assignments in math, programming, business management, nursing, psychology, English, and many other fields. Our team of academic writers is well-versed in both the exact sciences and the humanities.

When can you write my paper?

If the assignment is difficult, long, or has a deadline, it will take more or less time to write and finish. There are times when it takes more time to finish technical subjects. However, our writers and managers do their best to meet your deadlines, but they may not be able to. We can return a whole product in four hours and still keep its quality.

Who writes the college homework?

At our assignment writing service, we have both native and non-native English speaking writers who can help you with your homework. Before we add new people to our team, we make sure that they can speak English well and that we look into their education and writing history. We make sure that all of our writers know how to work with students and follow academic writing rules.

Can you promise that your writing will be good?

Checking for punctuation and grammar errors is done before your assignment is sent to you. We make sure it meets our high standards before you get your assignment from us! Rewriting your paper is free, and if you don’t like it after that, you can ask for a refund.