Write federal financial accounting exam questions for senior college students, with a theme around the Department of Rock and Roll. Make the questions scenarios that require student to provide the debit and credit general ledger accounts as answers.
You
19 Jan, 02:09:38
Teacherbot
19 Jan, 02:09:38
1. The Department of Rock and Roll sells tickets to a Red Hot Chili Peppers concert for $4,000 cash. What would be the journal entry for this transaction?
Debit: Cash $4,000
Credit: Revenue $4,000
2. The Department of Rock and Roll purchases staging and instrument rental equipment for $2,500 cash. What would be the journal entry for this transaction?
Debit: Equipment $2,500
Credit: Cash $2,500
3. The Department of Rock and Roll issues a $500 refund on a ticket purchased to a Guns N' Roses concert. What would be the journal entry for this transaction?
Debit: Refunds $500
Credit: Accounts Receivable $500