For each journal entry, the account to be debited is indented.
举一反三
- Which of the following statement is true? A: In a given journal entry there may be ten debits and only one credit. B: When an expense account is debited some asset account must be credited. C: The journal and the ledger contain the same information. D: The ledger gives more details about a transaction than the journal does.
- Based on what you heard, please match each journal entry with its main idea.
- The increase of revenue should be ( ). A: debited to a revenue account B: debited to a expense account C: credited to a revenue account D: credited to a expense account
- Which ONE of the following is an error of principle? A: A gas bill credited to gas account and debited to the bank account. B: The purchase of a non-current asset credited to the asset account at cost and debited to the payable’s account. C: The purchase of a non-current asset debited to the purchases account and credited to the payable’s account. D: The payment of wages debited and credited to the correct accounts, but using the wrong amount.
- Grogan Company purchases inventory on account with a cost of $1,000 and a retail price of $2,000. Grogan Company uses the perpetual inventory method. What journal entry is required on the date of purchase?