Financial Accounting- Journal Entries

Which of the following is a correct journal entry for the purchase of inventory on credit?

• Debit Inventory, Credit Accounts Payable

• Debit Accounts Payable, Credit Inventory

• Debit Cash, Credit Accounts Receivable

• Debit Accounts Receivable, Credit Cash

Which of the following is a correct journal entry for the sale of inventory on credit?

• Debit Cash, Credit Sales Revenue

• Debit Accounts Receivable, Credit Sales Revenue

• Debit Sales Revenue, Credit Accounts Payable

• Debit Accounts Payable, Credit Sales Revenue

Which of the following is a correct journal entry for the payment of accounts payable?

• Debit Cash, Credit Accounts Payable

• Debit Accounts Payable, Credit Cash

• Debit Accounts Receivable, Credit Cash

• Debit Cash, Credit Accounts Receivable

Which of the following is a correct journal entry for the receipt of payment from a customer?

• Debit Cash, Credit Sales Revenue

• Debit Sales Revenue, Credit Accounts Payable

• Debit Accounts Payable, Credit Cash

• Debit Cash, Credit Accounts Receivable

Which of the following is a correct journal entry for the payment of a loan?

• Debit Interest Expense, Credit Cash

• Debit Cash, Credit Notes Payable

• Debit Cash, Credit Interest Expense

• Debit Notes Payable, Credit Cash