Journal Entries

On Your Test

You will be expected to know the following for multiple choice concept questions. Almost all questions will relate to these things

The format of a journal entry

What “debit” and “credit” means

Does a debit increase or decrease an account
Does a credit increase or decrease an account

How do you balance a T account

You will be asked to do the following on problems and multiple choice problems that require calculations. It boils down to this:

Record a journal entry for a given transaction