2. Transaction Analysis

Which of the following is the correct journal entry for the purchase of inventory on account using the perpetual inventory system?

Which of the following best describes the correct journal entry to record the addition of a new participant who pays a registration fee in cash for a workshop?

Which side of the account increases the Cash account?

Which of the following journal entries correctly records the payment of workshop costs in cash, assuming the costs were previously unrecorded?

In Chapter 4 of the City of Smithville accounting cycle, the city purchases equipment for $50,000, paying $10,000 in cash and signing a note payable for the balance. Which of the following is the correct journal entry to record this transaction?

Each time a financial transaction occurs, you must record a journal entry that includes which of the following?

When recording a sale of patio furniture for cash in the Patio & Furniture department, which of the following is the correct journal entry?

When a business receives cash on account, which two accounts are affected in the journal entry?

When a company uses a debit card to purchase supplies, which account is credited in the journal entry?

Which of the following transactions would require a debit to the Cash account?

When cash is received on account, which of the following journal entries is correct?

A company had the following cash transactions during the month: (1) Received $5,000 from customers, (2) Paid $2,000 for rent, and (3) Received $1,500 from a bank loan. If the beginning cash balance was $3,000, what is the ending balance in the cash T-account after posting these transactions?

Which of the following statements about debits and credits in journal entries is correct?

When reallocating a transaction among multiple accounting codes, which of the following best describes the correct journal entry process?

Anaya receives a bank statement showing a deposit of $1,000 into her business account. Which journal entry should she record to reflect this transaction?