Discussion: ACCOUNTING STANDARDS AND ACCOUNTING INFORMATION SYSTEM
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.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.