2. Transaction Analysis

The fixed budget indicates sales of \$50,000. Actual sales were \$55,000. What is the sales variance?

Which of the following journal entries results in a decrease in both total assets and stockholders' equity?

Which of the following statements about debits and credits in journal entries is NOT true?

Which of the following is the correct journal entry when a coin collector buys a set of coins for \$500 in cash?

When Way Corporation disposes of tangible personal property assets, which of the following journal entries correctly records the sale of equipment for cash at a price above its book value?

Which of the following Excel formulas, when entered in cell D5, will correctly calculate the value of cell B5 divided by cell B4, rounded to 4 decimal places?

Which of the following journal entries correctly records an owner's draw of \$5,000 from the business?

Which of the following items listed on a ledger typically represent credits?

In the context of recording journal entries using spreadsheet software, which function can automatically return the value from cell B77 based on a reference in another cell (such as B81)?

When a company receives \$10,000 in cash from a customer, which of the following journal entries is correct?

Dividends payable is recorded as a credit on the:

Which of the following best describes the process of recording transactions in a journal in financial accounting?

Why are dividends recorded with debits in the accounting system?

For each of the following accounts, indicate the effect of a debit and a credit. Which of the following correctly describes the effect of a debit and a credit on an asset account?

Which of the following is the correct journal entry to record the purchase of an asset for cash?