2. Transaction Analysis

The left side of an account is used to record which of the following?

Which action is performed to update account balances in the accounting records?

Which of the following is a true statement about when a promissory note is sold?

When direct labor costs are recorded, which of the following journal entries is correct?

For each of the following accounts, indicate whether a debit or a credit increases the account balance:1. Asset2. Liability3. Revenue4. ExpenseWhich of the following correctly matches the increase side for each account type?

Which of the following best represents the journal entry to record the purchase of materials on credit for factory use?

When an insurance company makes a payment to a business for an insured loss, how should the business record this transaction in its journal entries?

Which of the following best explains a journal (or daysheet) in financial accounting?

An airline manufacturer incurred the following costs last month (in thousands of dollars):- Direct materials: $2,000- Direct labor: $1,500- Factory overhead: $800- Selling expenses: $400Which of the following journal entries correctly records the incurrence of direct labor costs?

Which of the following is the primary purpose of using journal entries in financial accounting?

Which of the following is the correct sequence of steps for preparing a check stub in the accounting process?

When materials are purchased on credit for later use in production, which account is debited in the journal entry?

The expenditure incurred for changing the oil in the company's fleet of trucks is debited to which account?

What is the primary purpose of including an 'explanation' for each transaction in a journal entry?

Which of the following is a form prepared by the vendor showing the amount deducted for returns and allowances?