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

Lupe deposited money from her paycheck into her account. In her check register, in which column should she record the amount?

Balance column

Deposit (Credit) column

Withdrawal (Debit) column

Service charge column

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Verified step by step guidance

Understand the purpose of a check register: A check register is used to record all transactions related to a bank account, including deposits, withdrawals, and service charges.

Identify the type of transaction: In this case, Lupe is depositing money into her account, which increases the account balance.

Determine the correct column for recording deposits: Deposits are recorded in the 'Deposit (Credit)' column because they represent an inflow of funds into the account.

Clarify why other columns are not appropriate: The 'Withdrawal (Debit)' column is used for transactions that decrease the account balance, and the 'Service charge' column is used for fees charged by the bank. Neither applies to a deposit.

Record the deposit: Lupe should write the amount of the deposit in the 'Deposit (Credit)' column and update the balance accordingly in the 'Balance' column.