2. Transaction Analysis

When a company purchases inventory on account, which of the following journal entries is correct?

If a company purchases office supplies for \$500 cash, which of the following journal entries correctly records the transaction?

When a company records the following journal entry:\[\begin{align*}\text{Equipment} & \quad \$5,000 \\ \quad \text{Cash} & \quad \$5,000 \end{align*}\]What effects does this journal entry have on the accounts?

When a company purchases office supplies for cash, which account should be debited?

Which of the following accounts is debited when recording bad debt expense?

Which of the following best describes the two parts of an account number in a typical chart of accounts?

Which one of the following best describes a job cost sheet?

Which of the following would be considered a seller debit in the closing statement?

If the formula in cell D10 is \(=D8+D9+D10\), which of the following terms best describes the error in this formula?

Which of the following statements about general ledger accounts is true?

Which of the following accounts normally has a debit balance?

Which of the following sets of steps would best help track accounts payable at a business?

Which of the following is NOT typically recorded in a general journal?

Which of the following presents the first three steps in the accounting cycle in the correct order?

In the context of recording journal entries, if you want to automatically retrieve the value from cell C77 based on a matching value found in cells B77:B81, which Excel function should you use?