A company experienced the following financial events on Sept. 29, Year 1. How many of these economic events would require a journal entry on that day?
- The company signed a new contract with an employees’ union that requires a $2.00 per hour increase in wages and a longer lunch break, effective 10/1/Y1.
- The company president is retiring and will be replaced by the vice president of finance who will be paid $50,000 more per year.
- The company purchased a fire insurance policy for $5,000 that will pay $1,000,000 if the facility is destroyed. The policy insures the company from 11/1/Y1 - 10/31/Y2
- One
- Two
- Three
- None
The Rest Of TheVideos
| 1 | Not completed | T-Accounts | 4 min |
| 2 | Not completed | Debits and Credits | 7 min |
| 3 | Not completed | Determining Normal Balances For Assets & Liabilities | 11 min |
| 4 | Not completed | Determining Normal Balance for Shareholder's Equity | 12 min |
| 5 | Not completed | Normal Balance Shortcut: Double Entry | 12 min |
| 6 | Not completed | Normal Balance Shortcut: DEAD Mnemonic | 3 min |
| 7 | Not completed | The Journal, Ledger, Trial Balance | 14 min |
Topic 3Practice Problems
| Click Here to View All Problems at Once | View | ||
| 1 | Not completed | Account Classification | Easy |
| 2 | Not completed | Journal Entry - Inventory | Easy |
| 3 | Not completed | Journal Entry - Sales | Easy |
| 4 | Not completed | Land Purchased With Cash | Easy |
| 5 | Not completed | T/F: Liabilities and Equity | Easy |
| 6 | Not completed | T/F: T-Account Logic | Easy |
| 7 | Not completed | Normal Balances | Moderate |
| 8 | Not completed | The Effect of Journal Entries | Moderate |
| 9 | Not completed | What Should Be Journaled You are here. | Moderate |