Multiple Choice
Cherokee Incorporated is a merchandiser. If the company purchases inventory on account for \$5,000, which of the following is the correct journal entry to record this transaction?
101
views
2. Transaction Analysis
Journal Entries: Debits and Credits
Multiple Choice
In the context of recording journal entries, if you want to automatically retrieve the value from cell C77 based on a matching value found in cells B77:B81, which Excel function should you use?
A
SUM
B
VLOOKUP
C
AVERAGE
D
COUNTIF
Verified step by step guidance1
Understand the problem: You need to retrieve a value from a specific cell (C77) based on a matching value found in a range of cells (B77:B81). This requires a function that can search for a match and return a corresponding value.
Identify the appropriate Excel function: The VLOOKUP function is designed for this purpose. It searches for a value in the first column of a range and returns a value in the same row from another column.
Structure the VLOOKUP formula: The syntax for VLOOKUP is VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup]). Here, 'lookup_value' is the value you want to match, 'table_array' is the range of cells to search, 'col_index_num' specifies the column number to retrieve the value from, and 'range_lookup' determines whether the match should be exact or approximate.
Apply the formula: In this case, you would use VLOOKUP to search for the matching value in B77:B81 and retrieve the corresponding value from column C. For example, if the lookup value is in cell A1, the formula might look like VLOOKUP(A1, B77:C81, 2, FALSE).
Test and verify: After entering the formula, ensure that it correctly retrieves the value from cell C77 based on the matching value in B77:B81. Adjust the formula parameters if necessary.
Related Videos
Related Practice
