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Questions and Answers
When recording the accrual of salaries expense, which accounts are affected?
When recording the accrual of salaries expense, which accounts are affected?
- Debit Salaries Payable; Credit Salaries Expense
- Debit Salaries Payable; Credit Cash
- Debit Cash; Credit Salaries Payable
- Debit Salaries Expense; Credit Cash (correct)
How would a purchase of equipment for cash be recorded in the journal?
How would a purchase of equipment for cash be recorded in the journal?
- Debit Cash; Credit Accounts Receivable
- Debit Equipment; Credit Cash (correct)
- Debit Equipment; Credit Accounts Payable
- Debit Cash; Credit Equipment
When recording a payment to suppliers, which accounts are affected?
When recording a payment to suppliers, which accounts are affected?
- Debit Accounts Payable; Credit Cash
- Debit Cash; Credit Accounts Payable (correct)
- Debit Cash; Credit Accounts Receivable
- Debit Accounts Receivable; Credit Cash
How would the receipt of a loan from a bank be recorded in the journal?
How would the receipt of a loan from a bank be recorded in the journal?
If a company incurs interest expenses on a loan, how would it be recorded in the journal?
If a company incurs interest expenses on a loan, how would it be recorded in the journal?
When purchasing equipment on credit, how is it recorded in the journal?
When purchasing equipment on credit, how is it recorded in the journal?
What is the correct journal entry to record the purchase of inventory on credit?
What is the correct journal entry to record the purchase of inventory on credit?
How would a cash sale of goods be recorded in the journal?
How would a cash sale of goods be recorded in the journal?
When recording depreciation expense, which accounts are affected?
When recording depreciation expense, which accounts are affected?
How would a payment of rent be recorded in the journal?
How would a payment of rent be recorded in the journal?
What is the correct journal entry to record the issuance of common stock for cash?
What is the correct journal entry to record the issuance of common stock for cash?
If a company receives interest income, which accounts are affected?
If a company receives interest income, which accounts are affected?
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