For this question, review the journal entry and explain what the probable transaction would be requiring the entry, and how this entry is impacting the financial statements. Explaining that account x is a debit/credit etc is not an acceptable answer. Explanation should cover the actual transaction that occurred. Example Question: Utilities Expense 700 Cash 700 An acceptable answer would be: Client paid current months utility bill, asset is decreasing, and net worth is decreasing. Question: Cash 100,000 debit Office Equipment 24,000 debit Common Stock 124,000 credit For this question, review the journal entry and explain what the probable transaction would be requiring the entry, and how this entry is impacting the financial statements. Explaining that account x is a debit/credit etc is not an acceptable answer. Explanation should cover the actual transaction that occurred. Example Question: Utilities Expense 700 Cash 700 An acceptable answer would be: Client paid current months utility bill, asset is decreasing, and net worth is decreasing. Question: Cash 100,000 debit Office Equipment 24,000 debit Common Stock 124,000 credit