Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

If you want to calculate the total debits recorded in cells A51 through A55 in an Excel spreadsheet, which of the following formulas can you copy and paste to get the correct sum?

=SUM(A51:A55)

=AVERAGE(A51:A55)

=A51+A52+A53

=COUNT(A51:A55)

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Verified step by step guidance

Step 1: Understand the purpose of each formula provided in the problem. The goal is to calculate the total debits recorded in cells A51 through A55, which means summing up the values in these cells.

Step 2: Analyze the formula =SUM(A51:A55). This formula is specifically designed to calculate the sum of all values within the range A51 to A55. It is the most efficient and accurate way to achieve the desired result.

Step 3: Evaluate the formula =AVERAGE(A51:A55). This formula calculates the average of the values in the range A51 to A55, which is not the same as summing the values. Therefore, it does not meet the requirement of the problem.

Step 4: Examine the formula =A51+A52+A53. While this formula adds specific cells, it does not include all the cells in the range A51 to A55. Additionally, manually adding cells is less efficient and prone to errors compared to using a range-based formula like SUM.

Step 5: Assess the formula =COUNT(A51:A55). This formula counts the number of cells in the range A51 to A55 that contain numeric values, but it does not sum the values. Hence, it is not suitable for calculating the total debits.