Journalizing Accounting Entries

Front

When cash is paid for insurance, which account is listed on the debit entry? Options: Accounts Receivable, Cash, Pre-paid Insurance, Insurance Expense

Back

Pre-paid Insurance

Front

When supplies are bought on account, which account is listed on the credit entry?

Back

Account Payable

Front

True or False:  Transactions are recorded in a journal by date.

Back

True

Front

True or False:  Source documents are one way to verify accuracy of a specific journal entry.

Back

True

Front

When received cash from owner as an investment, which account is listed on the credit entry? Options: Cash, Capital, Accounts Payable, Accounts Receivable

Back

Capital

Front

4 parts of a journal entry: date, accounting titles, account, normal balance

Back

date, accounting titles, account, normal balance

Front

When paid cash for supplies purchased last month, which account is listed on the debit entry?

Back

Supplies

Front

True or False:  Double-entry accounting assures that debits equals credits.

Back

True

Front

When the owner invested equipment on the business, which account is listed on the credit entry? Options: Cash, Equipment, Accounts Payable, Capital

Back

Capital

Front

True or false:  A transaction should be journalized only if it actually occurs.  

Back

True