2. Transaction Analysis

When a firm pays for supplies using a credit card, which account should be credited in the journal entry?

Which of the following items is NOT typically included on a job cost sheet?

Alan is recording payroll that was processed outside of QuickBooks. Which of the following journal entries correctly records the payment of employee wages?

When recording journal entries, which of the following statements about debits and credits is correct?

How should an annual business license fee be recorded in a journal entry?

Providing services to customers on account would be recorded with a:

When an agent and an applicant for a life insurance policy fill out and sign the application, which journal entry should the insurance company record upon receiving the initial premium payment?

2. When recording the opening balance of John Jones's account on the first day of the statement period, which journal entry is correct if his account had a balance of $5,000?

When a company receives payment of both principal and interest on a note receivable dated December 16, which of the following journal entries is correct?

Which of the following accounts usually has a debit balance?

The journal entry to record indirect materials costs used in production includes a debit to which account?

Which of the following correctly describes the journal entry to record the purchase of materials on account?

Managers use the process cost summary for all of the following purposes except:

Which of the following groups of accounts are increased with a debit?

Which of the following is the correct journal entry to record the purchase of equipment for cash?