Double-Entry System Journals Quiz
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Debit Cash; Credit Notes Payable</p> Signup and view all the answers

    If a company incurs interest expenses on a loan, how would it be recorded in the journal?

    <p>Debit Interest Expense; Credit Cash</p> Signup and view all the answers

    When purchasing equipment on credit, how is it recorded in the journal?

    <p>Debit Equipment; Credit Accounts Payable</p> Signup and view all the answers

    What is the correct journal entry to record the purchase of inventory on credit?

    <p>Debit Inventory; Credit Accounts Payable</p> Signup and view all the answers

    How would a cash sale of goods be recorded in the journal?

    <p>Debit Cash; Credit Sales Revenue</p> Signup and view all the answers

    When recording depreciation expense, which accounts are affected?

    <p>Debit Depreciation Expense; Credit Accumulated Depreciation</p> Signup and view all the answers

    How would a payment of rent be recorded in the journal?

    <p>Debit Rent Expense; Credit Cash</p> Signup and view all the answers

    What is the correct journal entry to record the issuance of common stock for cash?

    <p>Debit Cash; Credit Common Stock</p> Signup and view all the answers

    If a company receives interest income, which accounts are affected?

    <p>Debit Cash; Credit Interest Revenue</p> Signup and view all the answers

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