what does the word for mean in accounting? For example “ I received cash for common...
Homework Answers
The words "for" means in lieu of, in exchange of. for example, cash is received in exchange of common stocks which I sold.
Everything which has a impact in business needs to be journalised and whose value can be determined.
For example, 25000 chairs purchased in cash can't be journalized but 25000 chairs purchased in cash at the rate of $10 per chair can be.
Purchase cost = $10 *25,000 = $250,000
Furniture ( Chairs) $250,000
Cash $250,000
In a journal, the debit and the credit side of transaction must have the equal balance each time.
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