- This topic has 3 replies, 2 voices, and was last updated 13 years, 7 months ago by
.
-
Topic
-
This is the e-mail that I sent to the AICPA asking about the order of journal entries on the exam and their response.
Original e-mail from me:
I am inquiring about the general format of journal entries on the CPA exam. For example, if a company purchased a piece of property with cash and a note payable the journal entry could be as follows:
Debit Property
Credit Cash
Credit Notes Payable.
Or it could be entered on the exam as:
Credit Cash
Credit Notes Payable
Debit Property.
Personally, I would enter it as in the first example because I was taught to always put debits first. I realize that this is a very simple example but it is intended to be simple. Is there a specific format for journal entries for exam purposes and could you point me in the right direction to find this information.
Your assistance in this matter is greatly appreciated.
Their first response within 24 hours:
Thank you for contacting the AICPA regarding the general format of journal entries on the CPA Exam.
Your request is being researched. A follow-up email will be sent within 5-7 business days.
We appreciate your patience. Please let us know if we may be of any further assistance in the meantime.
Their final response received today:
We are following up regarding your inquiry about the general format of journal entries on the CPA Exam.
It doesn’t matter what order the Debit/Credit responses are entered in as long as the proper corresponding debits and credits are provided with each response.
We apologize for the delayed response. We appreciate you taking the time to research this information and look forward to serving you in the future.
- The topic ‘Order of Journal Entries on Exam’ is closed to new replies.
