For this question, review the journal entry and explain what the probable transaction would be requiring the entry, and how this entry is impacting the financial statements. Explaining that account "x" is a debit/credit, etc. is not an acceptable answer. Explanation should cover the actual transaction that occurred.

Example Question:

Utilities Expense 700

Cash 700

An acceptable answer would be:

Client paid current month's utility bill, asset is decreasing, and net worth is decreasing.

Question:

Cash 100,000 debit

Office Equipment 24,000 debit

Common Stock 124,000 credit

Question

For this question, review the journal entry and explain what the probable transaction would be requiring the entry, and how this entry is impacting the financial statements. Explaining that account "x" is a debit/credit, etc. is not an acceptable answer. Explanation should cover the actual transaction that occurred.

Example Question:

Utilities Expense	700
Cash	700

An acceptable answer would be:

Client paid current month's utility bill, asset is decreasing, and net worth is decreasing.

Question:

Cash	100,000 debit
Office Equipment	24,000 debit
Common Stock	124,000 credit

Accepted Answer

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Question

For this question, review the journal entry and explain what the probable transaction would be requiring the entry, and how this entry is impacting the

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