2. Transaction Analysis

When a company borrows \$50,000 through a Home Equity Line of Credit (HELOC), which of the following journal entries correctly records the initial receipt of cash?

Which of the following is NOT a possible journal entry according to the rules of debits and credits?

Which of the following situations would require you to debit a contra asset account?

Which of the following correctly matches the activity to its effect on the general ledger accounts?A company purchases office supplies for cash.

Which tool is primarily used to record business transactions by applying the rules of debits and credits?

When a company prepares budget reports, which of the following journal entries is most likely to be recorded at the time the budget is adopted?

If you want to calculate the total debits recorded in cells A51 through A55 in an Excel spreadsheet, which of the following formulas can you copy and paste to get the correct sum?

Which of the following is the correct journal entry to record the purchase of equipment for \$10,000 in cash on December 31?

Which of the following best describes a general ledger?

When Portia creates an invoice in QuickBooks for a customer sale on account, which journal entry is recorded?

When consolidating financial data from the Peoria, Champaign, and Rockford branches, which journal entry correctly records the combined cash balances if each branch reports \$5,000, \$3,000, and \$2,000 in cash, respectively?

Which of the following journal entries correctly records the purchase of equipment for \$35,000 in cash?

After recording the journal entries in requirement 2, what should the balance in the Cash account be?

In the context of journal entries and the use of primary keys in accounting tables, if 'Customer ID' is the primary key in a customer table, which field should be moved to a separate table to maintain proper database normalization?

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