Journal Entries Comprehensive Exam Study Guide with Verified Answers 2026/2027

Journal Entries Comprehensive Exam Study
Guide with Verified Answers 2026/2027



Journal Entry for a Sale if Cash is Received Now - correct answer-Dr. Cash
Cr. Sales


Journal Entry for Sale if Cash is Received Later - correct answer-Dr. Accounts
Receivable
Cr. Sales


Journal Entry for Cash Received in Advance (not yet shipped) - correct answer-Dr.
Cash
Cr. Deferred Revenue


Journal Entry for Cash Received in Advance (once product is shipped) - correct
answer-Dr. Deferred Revenue
Cr. Sales


Journal Entry for Expenses (Paid in Cash) - correct answer-Dr. Rent Expense
Cr. Cash


Journal Entry for Expenses (owed) - correct answer-Dr. Rent Expense

, Cr. Rent Payable


Journal Entry for Cost of Goods Sold - correct answer-Dr. Cost of Goods Sold
Cr. Inventory


Journal Entry for Asset Purchase (in cash) - correct answer-Dr. Land
Cr. Cash


Journal Entry for Asset Purchase (on loan) - correct answer-Dr. Land
Cr. Notes Payable


Journal Entry for Machine Purchase - correct answer-Dr. Machine/Equipment
Cr. Cash


Journal Entry for Depreciation - correct answer-Dr. Depreciation Expense
Cr. Accumulated Depreciation


Journal Entry for Patent Purchase - correct answer-Dr. Patent
Cr. Cash


Journal Entry for Amortization - correct answer-Dr. Amortization Expense
Cr. Patent


Journal Entry for Issuing/Selling Stock - correct answer-Dr. Cash