ACCOUNTING STANDARDS AND ACCOUNTING INFORMATION SYSTEM

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    What are the rules for recording the transactions in the journal? If the company purchases an equipment for cash, why should we credit cash and why should we debit equipment? Discuss in detail the steps followed to determine what account should be debited and what account should be credited. 

     

     

     

    AT LEAST 200 WORDS WITH REFERENCES PLEASE.  NEED WITHIN 12 HOURS

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