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Journal Entries in Accounting

What is the purpose of a journal entry in accounting?
To record financial transactions
To calculate profit and loss
To prepare financial statements
To reconcile bank accounts
Which of the following accounts would be debited in a journal entry for a sale of goods?
Accounts Receivable
Sales Revenue
Accounts Payable
Cost of Goods Sold
Cash
What is the correct format for a journal entry?
Which of the following accounts would be credited in a journal entry for payment of rent expense?
Rent Expense
Accounts Payable
Cash
Prepaid Rent
Utilities Expense
What is the purpose of posting journal entries to the general ledger?
To summarize financial transactions
To calculate net income
To prepare trial balance
To record adjusting entries
Which of the following accounts would be debited in a journal entry for the purchase of equipment?
Equipment
Accounts Payable
Cash
Accumulated Depreciation
Supplies Expense
What is the purpose of an adjusting journal entry?
To correct errors in previous journal entries
To record daily business transactions
To update account balances at the end of an accounting period
To close temporary accounts
Which of the following accounts would be credited in a journal entry for the accrual of salaries expense?
Salaries Expense
Accounts Payable
Cash
Salaries Payable
Rent Expense
What is the purpose of a trial balance in accounting?
To identify errors in journal entries
To calculate net income
To prepare financial statements
To ensure that debits equal credits
What is the correct order of the accounting cycle?
Which of the following accounts would be debited in a journal entry for the receipt of cash from customers?
Accounts Receivable
Sales Revenue
Cash
Unearned Revenue
Rent Expense
What is the purpose of a closing journal entry?
To record daily business transactions
To adjust account balances
To transfer temporary account balances to the retained earnings account
To reconcile bank accounts
Which of the following accounts would be credited in a journal entry for the payment of utilities expense?
Utilities Expense
Accounts Payable
Cash
Prepaid Utilities
Rent Expense
What is the purpose of a general ledger in accounting?
To record daily business transactions
To calculate net income
To summarize account balances
To prepare financial statements
Which of the following accounts would be debited in a journal entry for the purchase of inventory?
Inventory
Accounts Payable
Cash
Cost of Goods Sold
Supplies Expense
What is the purpose of a post-closing trial balance in accounting?
To identify errors in journal entries
To calculate net income
To ensure that debits equal credits
To verify that all temporary accounts have been closed
Which of the following accounts would be credited in a journal entry for the accrual of interest revenue?
Interest Revenue
Accounts Payable
Cash
Interest Payable
Rent Expense
What is the purpose of a subsidiary ledger in accounting?
To record daily business transactions
To calculate net income
To provide detailed information for specific accounts
To prepare financial statements
Which of the following accounts would be debited in a journal entry for the payment of accounts payable?
Accounts Payable
Accounts Receivable
Cash
Prepaid Expenses
Rent Expense
What is the purpose of a reversing journal entry in accounting?
To correct errors in previous journal entries
To record daily business transactions
To reverse the effects of an adjusting entry in the next accounting period
To reconcile bank accounts
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