Acquiring fixed assets (ppe) with cash - correct answer Asset
Cash
Purchasing inventory on account - correct answer Inventory
Accounts payable
Selling inventory on account - correct answer Accounts receivable
Sales revenue
Cost of goods sold
Inventory
Collecting cash on account - correct answer Cash
Account receivable
Paying cash on account - correct answer Accounts payable
Cash
Paying expenses with cash - correct answer Expense
Cash
, Paying off a note with UNRECORDED interest - correct answer Notes payable
Interest expense
Cash
Paying dividends (@ time of declaration) - correct answer Dividends
Cash
Recording an accrued expense - correct answer Expense
Expense payable
Paying off a previously accrued expense - correct answer Expense payable
Cash
Recording the payment of a prepaid - correct answer Prepaid asset
Cash
Recording the use of a prepaid asset - correct answer Expense
Prepaid asset
Depreciation of a fixed asset (PPE) - correct answer Depreciation expense
Accumulated depreciation
Gain in sale of an asset - correct answer Cash
Accumulated depreciation
Gain (revenue)
Asset
Loss in sale of an asset - correct answer Cash
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