Reference no: EM131289368
1. On April 1, ABC Construction paid six months insurance in advance. The journal entry to record this transaction is:
A. Debit Prepaid Insurance; Credit Cash
B. Debit Insurance Expense; Credit Cash
C. Debit Cash; Credit Prepaid Insurance
D. Debit Cash; Credit Insurance Expense
2. Which of the following statements is true regarding a proper journal entry?
A. Debits are always listed last in the entry.
B. Credits are always indented.
C. Debits are always shown as negative numbers
D. Always list the assets first.
3. An $850 check written for supplies was journalized as $800. The entry to correct this error is:
A. debit Supplies, $800; credit Cash, $800.
B. debit Supplies, $850; credit Cash, $850.
C. debit Supplies, $50; credit Cash, $50.
D. debit Cash, $50; credit Supplies, $50.
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