Journal Entry Review Questions 1



Section 8. Review

Q46. Review questions 1
(1) What are the examples of transactions recorded on the debit side of a journal entry?
(2) What are the examples of transactions recorded on the credit side of a journal entry?

A46. Assets + Expenses = Liabilities + Equity + Revenues

(1) Examples of transactions recorded on the debit side.
a. Increase in cash
b. Increase in accounts receivable
c. Increase in prepaid insurance expense
d. Increase in building
e. Increase in goodwill
f. Increase in cost of goods sold
g. Decrease in accounts payable
h. Decrease in retained earnings
i. Decrease in unearned revenue
j. Decrease in notes payable

(2) Examples of transactions recorded on the credit side.
a. Increase in salaries payable
b. Increase in common stock
c. Increase in additional paid-in capital
d. Increase in retained earnings
e. Increase in sales revenue
f. Increase in accounts payable
g. Decrease in equipment
h. Decrease in goodwill
i. Decrease in prepaid rent expense
j. Decrease in notes receivable

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