2. Transaction Analysis

The journal entry to record the use of direct labor in process costing is to:

Which of the following best describes a key feature of the double-entry financial record keeping system?

Given the following year-end adjusted balances for Cruz Company as of December 31, which of the following journal entries correctly records the payment of accrued salaries of $5,000?

When a company purchases materials for use in production, which account is debited in the journal entry?

An invoice is referred to as a credit invoice for a buyer and as a debit invoice for the seller. Which of the following correctly fills in the blanks?

Paying dividends to stockholders would be recorded with a:

Which of the following statements is incorrect regarding the use of debits and credits in journal entries for written contracts?

Why is it important to record a posting reference in the accounts payable ledger?

In recording an accounting transaction in a double-entry system, which of the following must always be true?

Kwon Manufacturing began operations this month. It purchased equipment for $10,000 cash, issued $20,000 of common stock for cash, and paid $2,000 for rent. Which of the following is the correct journal entry for the purchase of equipment?

Sales Discounts is a contra-_____ account and is increased with a _____.

Which of the following is the appropriate journal entry to record the declaration of cash dividends?

When all of a company's job cost sheets are viewed collectively, they form what is known as a(n):

The journal entry to record employer tax accruals includes a debit to:

A normal cost system assigns overhead to jobs using which of the following methods?