Accounting Ch 3 Review

A business form ordering a bank to pay cash from a bank account.

When do you prove cash?

Payment of cash to the owner as a withdrawal of equity is

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

A journal is not considered a permanent record.

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

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

To correct an error in journal, simply erase the incorrect item & write the correct item.

In what two columns would you record the following transaction: Received cash from sales

Transactions are recorded in a journal in chronological order.

A form describing the goods/services sold, the quantity, price and terms of sale.

Determining that the amount of cash agrees with the accounting records.

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

The recording of debit and credit parts of a transaction.

A business paper from which information is obtained for a journal entry.

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

In what two columns would you record the following transaction: Bought supplies on account

A general journal page is complete when there is insufficient space to record any more entries.

Information in journal includes debit & credit parts of each transaction recorded in 1 place.

A calculator tape is the source document for daily sales.

An invoice used as a source document for recording a sale on account.

Recording transactions in a journal.

What text is used in the account title at end of journal page in middle of month?

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

Information for each transaction recorded in a journal.

A business form giving written acknowledgement for cash received.

A form for recording transactions in chronological order.

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