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

Which of the following best describes a journal with two amount columns in which all kinds of entries can be recorded?

Cash receipts journal

General journal

Purchases journal

Sales journal

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Verified step by step guidance

Understand the purpose of each type of journal mentioned in the problem: Cash receipts journal, General journal, Purchases journal, and Sales journal.

Recognize that a Cash receipts journal is used specifically to record cash inflows, such as payments received from customers.

Identify that a Purchases journal is used to record credit purchases of goods or services, typically for inventory or supplies.

Note that a Sales journal is used to record credit sales transactions, focusing on revenue generated from selling goods or services.

Conclude that a General journal is the correct answer because it is a versatile journal with two amount columns where all types of entries, including adjustments, corrections, and transactions not fitting into specialized journals, can be recorded.