Multiple Choice
What transaction is occurring if a company debits Cash and credits Notes Receivable?
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2. Transaction Analysis
Journal Entries: Debits and Credits
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Which of the following is NOT a standard component of a journal entry involving debits and credits?
A
Debit and credit amounts
B
Pivot field
C
Account titles
D
Date of the transaction
Verified step by step guidance1
Understand the concept of a journal entry: A journal entry is a record of a financial transaction in accounting, and it typically includes specific components such as the date of the transaction, account titles, and debit and credit amounts.
Review the standard components of a journal entry: These include the date of the transaction, account titles (to specify which accounts are affected), and the debit and credit amounts (to ensure the accounting equation remains balanced).
Analyze the term 'Pivot field': A pivot field is not a standard component of a journal entry. It is a term commonly associated with data analysis tools like pivot tables in spreadsheet software, not financial accounting journal entries.
Compare the options provided: The options include 'Debit and credit amounts,' 'Account titles,' 'Date of the transaction,' and 'Pivot field.' Among these, 'Pivot field' does not belong to the standard components of a journal entry.
Conclude that 'Pivot field' is the correct answer because it is unrelated to the structure or components of a journal entry in financial accounting.
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