Journal Entries Practice

Bob's Burgers received $100 for sale of burgers. What is the journal entry?

• Debit Cash $100, Credit Sales Revenue $100

• Debit Sales Revenue $100, Credit Cash $100

• Debit Accounts Receivable $100, Credit Sales Revenue $100

• Debit Sales Revenue $100, Credit Accounts Receivable

Paid rent for 3 months $1800, what is the journal entry? Select all that apply.

• Debit Cash $1800, Credit Prepaid Rent $1800

• Debit Prepaid Rent $1800, Credit Cash $1800

• Debit Rent Expense $1800, Credit Cash $1800

• Debit Prepaid Rent Expense$1800, Credit Cash $1800

What kind of account is unearned revenue?

• Liability

• Revenue

• Asset

• Expense

Collected $550 from TMNT Inc. for last month's services. What is the journal entry? Select all that apply.

• Debit Accounts Receivable $550, Credit Cash $550

• Debit Accounts Receivable $550, Credit Service Revenue $550

• Debit Cash $550, Credit Accounts Receivable $550

• Debit Accounts Payable $550, Credit Cash $550

What informal chart can you use to quickly check the balance of a single account?

• T- Accounts

• Trial Balance

• Balance Sheet

• General Ledger

What official paper is used to show the balance of a single account after journal entries?

• General Ledger

• T- Accounts

• Balance Sheet

• Trial Balance

Channing sold sold 40 DVDs for $20 each. He received $300 cash and sold the rest on account. Complete the journal entry. Select all that apply.

• Debit Cash $300, Debit Accounts Receivable $500 , Credit Sales Revenue $800

• Debit Cash $300, Credit Sales Revenue $300

• Debit Accounts Receivable $500, Credit Sales Revenue $800

• Debit Accounts Payable $500 , Debit Cash $300, Credit Sales Revenue $800

• Debit Cash $20, Credit Sales Revenue $20

A general journal page is complete when there is insufficient space to record any more entries.

• TRUE
• FALSE

To correct an error in a journal, one can simply erase the incorrect item and write the correct item.

• TRUE
• FALSE

Transactions are recorded in a journal in chronological order.

• TRUE
• FALSE