12 Questions
When recording the accrual of salaries expense, which accounts are affected?
Debit Salaries Expense; Credit Cash
How would a purchase of equipment for cash be recorded in the journal?
Debit Equipment; Credit Cash
When recording a payment to suppliers, which accounts are affected?
Debit Cash; Credit Accounts Payable
How would the receipt of a loan from a bank be recorded in the journal?
Debit Cash; Credit Notes Payable
If a company incurs interest expenses on a loan, how would it be recorded in the journal?
Debit Interest Expense; Credit Cash
When purchasing equipment on credit, how is it recorded in the journal?
Debit Equipment; Credit Accounts Payable
What is the correct journal entry to record the purchase of inventory on credit?
Debit Inventory; Credit Accounts Payable
How would a cash sale of goods be recorded in the journal?
Debit Cash; Credit Sales Revenue
When recording depreciation expense, which accounts are affected?
Debit Depreciation Expense; Credit Accumulated Depreciation
How would a payment of rent be recorded in the journal?
Debit Rent Expense; Credit Cash
What is the correct journal entry to record the issuance of common stock for cash?
Debit Cash; Credit Common Stock
If a company receives interest income, which accounts are affected?
Debit Cash; Credit Interest Revenue
Test your knowledge of double-entry system journals with questions on recording inventory purchases, cash sales, and more. Choose the correct journal entries for various transactions in this quiz.
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