Quiz 02.101-115 – Accounting Transactions and Types of Entries with Perpetual Inventory System

Intermediate Accounting

Spiceland, Nelson, and Thomas

10th Edition

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Indicate the accounts to be debited and credited in the transactions below using the provided chart of accounts. Also, specify whether the transaction is an external transaction, an adjusting journal entry, or a closing entry (using the numbers 1, 2, or 3). The company uses a perpetual inventory system, and all prepayments are initially recorded in permanent accounts.

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