객관식
A company records the following journal entry:\[\begin{align*}\text{Debit: Supplies Expense} \quad \$500 \text{Credit: Supplies} \quad \$500\end{align*}\]Which of the following transactions would cause this journal entry to be made?
154
views
2. Transaction Analysis
Journal Entries: Debits and Credits
Multiple Choice
How did the first cash registers 'register' a transaction in terms of accounting entries?
A
By recording a credit to Cash and a debit to Sales Revenue
B
By recording a debit to Cash and a credit to Sales Revenue
C
By recording a debit to Sales Revenue and a credit to Inventory
D
By recording a debit to Accounts Payable and a credit to Cash
검증된 단계별 안내1
Understand the basic accounting principle: Every transaction involves at least two accounts and follows the double-entry system, where one account is debited and another is credited.
Identify the nature of the transaction: A cash register records a sale where cash is received from the customer, and revenue is generated. This means Cash (an asset account) increases, and Sales Revenue (a revenue account) also increases.
Recall the rules of debits and credits: An increase in an asset account (Cash) is recorded as a debit, while an increase in a revenue account (Sales Revenue) is recorded as a credit.
Analyze the incorrect options: For example, recording a debit to Sales Revenue and a credit to Inventory does not align with the transaction type, as Inventory is not directly involved in cash register transactions. Similarly, Accounts Payable is irrelevant here since it pertains to liabilities, not cash sales.
Conclude the correct accounting entry: The transaction is recorded by debiting Cash (to reflect the increase in cash received) and crediting Sales Revenue (to reflect the revenue earned from the sale).
Related Videos
Related Practice
