Question
Your company has paid for a motivational speaker to talk to your employees. How would this be recorded as a journal entry in the accounting cycle?
(1 point)
Responses
not recorded since it’s not a business expense
not recorded since it’s not a business expense
recorded as a debit
recorded as a debit
recorded as a credit
recorded as a credit
recorded as a balance
(1 point)
Responses
not recorded since it’s not a business expense
not recorded since it’s not a business expense
recorded as a debit
recorded as a debit
recorded as a credit
recorded as a credit
recorded as a balance
Answers
GPT-4o mini
The correct response would be:
**recorded as a debit.**
When your company pays for a motivational speaker, it is considered a business expense. This would typically be recorded as a debit to an expense account (like "Training Expense" or "Professional Fees") and a credit to cash or accounts payable, depending on how the payment was made. So the journal entry would look something like this:
- Debit: Training Expense (or relevant expense account)
- Credit: Cash (if paid immediately) or Accounts Payable (if it's to be paid later)
**recorded as a debit.**
When your company pays for a motivational speaker, it is considered a business expense. This would typically be recorded as a debit to an expense account (like "Training Expense" or "Professional Fees") and a credit to cash or accounts payable, depending on how the payment was made. So the journal entry would look something like this:
- Debit: Training Expense (or relevant expense account)
- Credit: Cash (if paid immediately) or Accounts Payable (if it's to be paid later)