ou have collected $50 owed to you which was previously recorded as a sale on account. What is the correct entry to record this collection?

a. Dr. Revenue, Cr. Accounts Receivableb.

Dr Cash, Cr Accounts Receivablec.

Dr. Accounts Receivable, Cr. Cashd.

Dr. Cash, Cr. Accounts Payable

When you record an entry for Cost of Goods Sold and Inventory, at which amount is it recorded at?

a. Net book value.

Selling price less original cost.

Original costs.

Selling price

Which stream of revenue requires two entries (one to record revenue and the other to record cost of goods sold)?

a. Sales Revenue

b. Service Revenue

A journal entry is comprised of both at least a Dr. and a Cr. Do the debits and credits for each journal entry always have to equal one another?

a. No

b. Yes

You have purchased inventory for you business on account. What is the correct journal entry to record this transaction?

a. Dr. Cost of Goods Sold, Cr. Inventory

b. Dr. Inventory, Cr. Cash

c. Dr. Inventory, Cr. Accounts Payable

d. Dr. Accounts Payable, Cr. Cash