2. Transaction Analysis

On July 1st, a company receives an invoice for $800 for office supplies purchased on account. Which of the following is the correct journal entry to record this transaction?

Mandy took out a $35 loan from the bank. Which of the following is the correct journal entry to record this transaction?

When recording a partner's share of foreign income reported on Schedule K-2/K-3 for 2022, which journal entry correctly reflects the recognition of income in the partnership's books?

Which of the following journal entries correctly records the purchase of office supplies for $500 cash during July?

In the Excel setup of a loan amortization problem, which of the following typically occurs when recording the first payment in the journal entries?

Dan purchased a new computer for $200 for his business. Which of the following is the correct journal entry to record this transaction?

When a petty cash fund is replenished, which of the following journal entries is correct?

A credit sale of $5,275 to a customer would result in which of the following journal entries?

For each of the following accounts, identify the normal balance (debit or credit):Which of the following accounts normally has a credit balance?

Which of the following is the correct sequence of steps to calculate the balance of an account in the general ledger?

Marco Company incurred the following costs for three jobs worked on in April: direct materials, direct labor, and manufacturing overhead. Which of the following journal entries correctly records the assignment of these costs to Work in Process (WIP)?

Which of the following types of accounts are decreased by debits and increased by credits?

Which source document is most commonly used to record indirect materials used as overhead costs in the journal entries?

In the context of journal entries, what is the primary purpose of the value section when using a pivot table to analyze debits and credits?

Which of the following is the correct journal entry to record the purchase of $1,000 of supplies on credit on December 31?