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50 Questions onAccounting Journal EntriesApp Description:This app provides an easy-to-access summary of essential knowledge on how to prepare accounting journal entries.Basic concepts are structured in a question-and-answer format for instant application to real-world transactions.Read questions and answers in "Review Mode" first and then test your understanding by using the "Quiz Mode" feature. You can switch between review and quiz modes at any time.This app was designed to help:(1) Students who are currently taking an introductory financial accounting course;(2) Students who wish to refresh their understanding of accounting journal entries; and(3) Business professionals who would like an overview of the double-entry recording system, including the concepts of debits and credits.The app includes 50 questions organized into 8 sections:Q. 1-7: Debits and creditsQ1. Journal entryQ2. Debits and creditsQ3. Accounting equationQ4. Debit accountsQ5. Credit accountsQ6. Normal balancesQ7. Balancing of a journal entryQ. 8-13: Merchandise transactionsQ8. Cash receiptQ9. Cash paymentQ10. Purchase of merchandiseQ11. Sale of merchandiseQ12. Cost of goods soldQ13. Gross profitQ. 14-17: Accrual basis accountingQ14. Prepaid expensesQ15. Accrued expensesQ16. Unearned revenueQ17. Accrued revenueQ. 18-24: AssetsQ18. Accounts receivableQ19. Notes receivableQ20. Allowance for doubtful accountsQ21. Purchase of equipmentQ22. DepreciationQ23. Sale of equipmentQ24. GoodwillQ. 25-30: LiabilitiesQ25. Accounts payableQ26. Notes payableQ27. Salaries payableQ28. Income taxes payableQ29. Issuance of bonds payableQ30. Repayment of bonds payableQ. 31-34: EquityQ31. Issuance of common stockQ32. Cash dividendQ33. Stock dividendQ. 35-45: SummaryQ35. Debits and creditsQ36. Merchandise transactionsQ37. Accounts receivableQ38. Prepaid expensesQ39. Unearned revenueQ40. Purchase of noncurrent assetsQ41. DepreciationQ42. Sale of noncurrent assetsQ43. BorrowingsQ44. Common stockQ45. Cash dividendQ. 46-50: ReviewQ46. Review questions 1Q47. Review questions 2Q48. Review questions 3Q49. Review questions 4Q50. Review questions 5