FABM2-SPECIAL-JOURNAL

What is a journal entry in accounting?

• A summary of all transactions in a period

• A formal method of tracking inventory

• A record of individual transactions

• A list of accounts in the general ledger

Which of the following is debited when a company purchases office supplies on credit?

• Accounts Payable

• Office Supplies

• Cash

• Sales Revenue

What is credited when a business issues a check to pay rent?

• Rent Expense

• Accounts Payable

• Cash

• Accounts Receivable

If a company sells services on credit, which account is debited?

• Service Revenue

• Cash

• Accounts Receivable

• Retained Earnings

In a journal entry, what does the term 'credit' mean?

• An increase in assets

• An increase in liabilities or equity

• A decrease in revenue

• An increase in expenses

When a company borrows money from a bank, which account is credited?

• Notes Payable

• Cash

• Interest Expense

• Bank Loan

Which of the following accounts is typically debited when wages are paid to employees?

• Cash

• Wages Payable

• Wage Expense

• Interest Expense

When recording depreciation, which account is debited?

• Depreciation Expense

• Accumulated Depreciation

• Equipment

• Cash

A company purchases equipment for P10,000, paying P4,000 in cash and signing a note for the balance. Which account is debited?

• Equipment

• Notes Payable

• Accounts Payable

• Cash

What is credited when the company makes a sale and receives immediate cash payment?

• Cash

• Sales Revenue

• Accounts Receivable

• Service Revenue