A8 (Understanding entries) This question tests your ability to understand accounting entries. Each of the following is a typical journal entry, made either to record a transaction, or to adjust the books at the end of the month. Your task is to explain what the function of the entry is, and what event it is recording. For example, is it recording a sale for cash? a. Dr. dividends 10,000 10,000 b. Dr. Inventory 47,200 47,200 Cr. Cash Cr. Accounts payable
A8 (Understanding entries) This question tests your ability to understand accounting entries. Each of the following is a typical journal entry, made either to record a transaction, or to adjust the books at the end of the month. Your task is to explain what the function of the entry is, and what event it is recording. For example, is it recording a sale for cash? a. Dr. dividends 10,000 10,000 b. Dr. Inventory 47,200 47,200 Cr. Cash Cr. Accounts payable
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 13MC: Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would...
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