2. Transaction Analysis

Which of the following best describes a form for recording transactions in chronological order?

Which of the following is the correct journal entry when you deposit $4,000 in cash into a checking account for your business?

Which of the following is the correct journal entry to record the payment of a $200 electricity invoice on December 31, which was previously recorded as an account payable in November?

When cash is collected on accounts receivable, what effect does this transaction have on the balance sheet?

Which of the following is the correct journal entry to record applying overhead during the production process?

When a claim for a surgery performed is denied by the insurance company, which journal entry should be made to properly reflect the denial in the accounting records?

2. Which of the following best describes the process of recording transactions in a journal?

Which of the following best describes the journal entry to record factory overhead applied to Work in Process?

A debit is used to record which of the following?

Why are posting references entered in the journal when entries are posted to the ledger accounts?

Which of the following best describes the effect on the accounting equation when a company records a journal entry that debits Cash and credits Service Revenue?

When a company purchases equipment for $5,000 cash, which of the following journal entries correctly records the transaction?

Which of the following is the correct journal entry to record the purchase of a cow for $800 in cash?

A debit is used to decrease which of the following types of accounts?

When a transaction is initially recorded in the journal and then subsequently posted to the general ledger, what is the primary purpose of this process?