You've learned how to analyze transactions and format them into proper journal entries. The key is to combine these skills smoothly.

Let's practice translating business activities into the language of accounting.

Engagement Message

What part of creating journal entries do you want to practice most?

Type

Fill In The Blanks

Markdown With Blanks

Let's journalize this transaction: "Paid $700 cash for the monthly rent."

Debit: [[blank:Rent Expense]] $[[blank:700]]
Credit: [[blank:Cash]] $700

Suggested Answers

• Rent Expense
• 700
• Cash
• Accounts Payable

Type

Swipe Left or Right

Practice Question

For each transaction, does it cause a debit or a credit to the Cash account?

Labels

• Left Label: Debit to Cash
• Right Label: Credit to Cash

Left Label Items

• Received a payment from a customer.
• Owner invested personal funds into the business.
• Took out a cash loan from the bank.

Right Label Items

• Paid employees their weekly wages.
• Purchased office supplies with cash.
• Paid the monthly utility bill.

Type

Multiple Choice

Practice Question

The business performed $1,500 of services for a client, who will pay next month. Which is the correct journal entry?

A. Debit Cash, Credit Service Revenue B. Debit Accounts Receivable, Credit Service Revenue C. Debit Service Revenue, Credit Accounts Receivable D. Debit Cash, Credit Accounts Receivable

Suggested Answers

• A
• B - Correct
• C
• D

Type

Fill In The Blanks

Markdown With Blanks

Now for a purchase on credit: "Bought a new computer for $1,800, to be paid later."

Debit: [[blank:Equipment]] $1,800
Credit: [[blank:Accounts Payable]] $1,800

Suggested Answers

• Equipment
• Accounts Payable
• Cash
• Office Expense

Type

Sort Into Boxes

Practice Question

Let's break down a journal entry. Sort the components for the transaction "Received $500 cash for services performed."

Labels

• First Box Label: Debit Side
• Second Box Label: Credit Side

First Box Items

• Cash ($500)

Second Box Items

• Service Revenue ($500)