Practice - Journal Entries
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
What is the journal entry when a bill is drawn?
💡 Hint: Think about what is recognized in the revenue account.
When the bill is accepted, what do we debit?
💡 Hint: This accounts for the future payment.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is the entry when the bill is drawn?
💡 Hint: Focus on the transaction type—what this means for receivables.
True or False: When a bill is accepted, we credit the Bills Receivable account.
💡 Hint: Think about what the acceptance means for the accounts involved.
2 more questions available
Challenge Problems
Push your limits with advanced challenges
Company A draws a bill for $10,000. Company B accepts it. On payment, Company B fails to pay and the bill is dishonored. Show the journal entries for each step.
💡 Hint: Consider the flow of transactions in the correct order.
Create a situation where after drawing the bill, the actual payment led to interest charges due to delay. Show how you would adjust the journal entries associated.
💡 Hint: Review how interest affects transactions when cash is received after the due date.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.