Accounting Chapter 3 Review

A journal allows debit and credit parts of each transaction to be recorded in one place.

A form on which a brief message is written to describe a transaction is: 

The source document used when supplies bought on account are paid for is a memorandum. 

The journal columns used to record paying cash for rentals are General Debit & Cash Credit.

The recording of debit and credit parts of a transaction is known as: 

A business form ordering a bank to pay cash from a bank account is: 

A business paper from which information is obtained for a journal entry is known as: 

Calculator Tape is the source document for daily sales. 

The act of recording transactions in a journal is known as: 

The source document, sales invoice, is abbreviated as S in a journal entry. 

Determining that the amount of cash agrees with the accounting records is known as: 

A form for recording transactions in chronological order: 

Information for each transaction recorded in a journal is: 

A form describing the goods or services sold, the quantity, price, and terms of sale is: 

An invoice used as a source document for recording a sale on account is known as: 

The source document for all cash payments is a sales invoice. 

The journal columns used to record receiving cash from Sales are Cash Debit & Sales Credit. 

When a journal page is full, the full page should be proved before a new page is started. 

A receipt is the source document for cash received from transaction other than sales. 

Double lines across column totals mean that the totals have been verified as correct.

A business form giving written acknowledgement for cash received is: 

A memorandum is the source document used when items are paid in cash.

The journal columns used to record buying supplies on account are General Debit & Cash Credit

To prove a journal page, the total debits must equal the total credits. 

In double-entry accounting, each transaction affects at least 3 accounts. 

Examples of source documents include; checks, sales invoices, receipts, and memorandums. 

The Objective Evidence concept requires there be proof that a transaction did occur. 

To correct an error in a journal, erase the incorrect item and write the correct item.