2. Transaction Analysis

Given the following journal entry:\[\begin{align*}\text{Cash} \quad & \text{Debit} \quad \$5,000 \\\text{Service Revenue} \quad & \text{Credit} \quad \$5,000 \end{align*}\]What does this journal entry describe?

When you make a contribution to your business from your personal bank account, which journal entry correctly records this transaction?

When K applies for a life insurance policy on herself and submits the initial premium, which journal entry should be recorded in K's accounting records?

Which term describes an account in a general ledger that summarizes all accounts in a subsidiary ledger?

Periodic payments on installment notes typically include which of the following components?

Which of the following is the primary purpose of using a journal in accounting when you need to locate a transaction that was previously entered?

How often are transactions for professional services typically posted to the patient's ledger?

The ____ is where a transaction can first be found in the accounting records.

Which of the following are two ways to start a credit memo in QuickBooks Online?

In what order are transactions recorded in a journal?

3. In the context of journal entries, what is the process of preparing a batch report from a point-of-sale (POS) terminal commonly referred to as?

Which of the following items are credited to the seller and debited to the buyer in a typical sales transaction?

When recording a sale that includes both billable amounts and add-on amounts for each product or service, which journal entry correctly reflects the use of debits and credits to show the total sum for each item?

In which of the following types of accounts are decreases recorded by debits?

DLW Corporation acquired and placed in service the following assets during the year: equipment for $50,000 (paid in cash) and office furniture for $10,000 (on account). Which of the following is the correct journal entry to record these acquisitions?