Ch. 3 part 1 with correct answers 100%
2026
Which of the following is the correct order for preparing a journal entry? - Correct Answers
Identify which accounts are involved; for each account, determine if it is increased or
decreased; for each account, determine by how much it has changed
a book of original entry is called a: - Correct Answers journal
Northwest Company received and immediately paid a $4,000 utility bill from Green River Gas
and Electric Company. The entry by Green River Gas and Electric Company to record receipt of
the payment would include: - Correct Answers a debit to cash
a journal entry that includes more than two accounts is called a: - Correct Answers compound
journal entry
On December 31, Scott Corporation paid shareholders a $13,000 cash dividend. The entry by
Scott Corporation to record the transaction would include: - Correct Answers A debit to
dividends
Deano Inc. purchased $27,000 of merchandise from Jeri Co. by making a 25% cash down
payment and signing a 90-day note for the balance. The cost of the merchandise to Jeri Co. was
$22,000. The entry by Deano Inc. to record the transaction would: - Correct Answers increase
total assets
Deano Inc. purchased $27,000 of merchandise from Jeri Co. by making a 25% cash down
payment and signing a 90-day note for the balance. The cost of the merchandise to Jeri Co. was
$22,000. The entry by Jeri Co. to record the transaction would include: - Correct Answers a
credit to inventory
2026
Which of the following is the correct order for preparing a journal entry? - Correct Answers
Identify which accounts are involved; for each account, determine if it is increased or
decreased; for each account, determine by how much it has changed
a book of original entry is called a: - Correct Answers journal
Northwest Company received and immediately paid a $4,000 utility bill from Green River Gas
and Electric Company. The entry by Green River Gas and Electric Company to record receipt of
the payment would include: - Correct Answers a debit to cash
a journal entry that includes more than two accounts is called a: - Correct Answers compound
journal entry
On December 31, Scott Corporation paid shareholders a $13,000 cash dividend. The entry by
Scott Corporation to record the transaction would include: - Correct Answers A debit to
dividends
Deano Inc. purchased $27,000 of merchandise from Jeri Co. by making a 25% cash down
payment and signing a 90-day note for the balance. The cost of the merchandise to Jeri Co. was
$22,000. The entry by Deano Inc. to record the transaction would: - Correct Answers increase
total assets
Deano Inc. purchased $27,000 of merchandise from Jeri Co. by making a 25% cash down
payment and signing a 90-day note for the balance. The cost of the merchandise to Jeri Co. was
$22,000. The entry by Jeri Co. to record the transaction would include: - Correct Answers a
credit to inventory
