Accounting Cycle
Explain the Meaning of Each of the Following

question 47

Essay

Accounting cycle
Explain the meaning of each of the following journal entries. The first is provided as an example. $$\begin{array} { | l | l | l | } \hline \begin{array} { c } \text { Account } \\\text { debited }\end{array} & \begin{array} { c } \text { Account } \\\text { credited }\end{array} & { \text { Explanation } } \\\hline \text { Cash } & \text { Sales } & \begin{array} { l } \text { Sold goods /} \\\text { services for cash }\end{array} \\\hline \text { Inventory } & \begin{array} { l } \text { Accounts } \\\text { payable }\end{array} & \\\hline \begin{array} { l } \text { Accounts } \\\text { receivable }\end{array} & \text { Cash } & \\\hline \text { Land } & \begin{array} { l } \text { Capital } \\\text { stock }\end{array} & \\\hline \begin{array} { l } \text { Interest } \\\text { payable }\end{array} & \begin{array} { l } \text { Interest } \\\text { expense } \end{array} & \\\hline\end{array}$$

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Definitions:

Nonconformity

The refusal to align with established norms, values, or practices of society.

Functionalist Theories

Theories in sociology that view society as a complex system whose parts work together to promote solidarity and stability.

Societal Cohesion

is the bond that unites a society through shared beliefs, values, and practices, fostering a sense of belonging and cooperation among its members.

Deviance

A rephrasing of deviant, it refers to actions or behaviors that violate societal norms and expectations, often resulting in social disapproval.