2. Transaction Analysis

When you need to edit a previously recorded transaction in the accounting records, which of the following are the two primary methods used?

When the seller collects sales taxes from the customer at the time of sale, the sales taxes are reported as:

The process of transferring information from the journal to the ledger is called:

Javier needs to record the month-end adjustment for accrued salaries of \$2,000 that have not yet been paid. Which of the following journal entries should he make?

In the context of recording journal entries, which of the following statements correctly describes the effect of a debit entry?

Which of the following Excel formulas entered in cell C5 will correctly divide the value in cell B5 by the value in cell A5?

When an electronic funds transfer (EFT) is used to pay cash on account, which account is credited in the journal entry?

Which Excel function can be used to automatically return the value from cell C77 based on a matching value found in cells B77 through B81?

When viewing a transaction list in accounting software, if item 1 is highlighted with a green box, what does this most likely indicate?

The gain or loss on disposal of an asset is calculated as:

What is the first step in analyzing the effect of a business transaction?

Which of the following statements regarding reporting sales-related transactions is true?

In the context of journal entries, when an employer pays salaries to employees, which of the following accounts is debited?

When a business purchases supplies on account, which two accounts are affected in the journal entry?

In Howling Wolf's ledger, which of the following transactions would require a debit entry to the Drawings account?