Ch 3 Journalizing

Question 1

1. Write a check for supplies

Accepted Answer

Debit Supplies and Credit Cash

Question 2

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

Accepted Answer

Source Document

Question 3

When services are sold on account, an asset account and a liability account are affected.

Accepted Answer

False

Question 4

Paid cash for rent

Accepted Answer

Debit Rent

Question 5

We record transactions in a Ledger.

Accepted Answer

False

Question 6

The month gets inputted on every transaction?

Accepted Answer

False

Question 7

The source document used when supplies are ordered by telephone on account is a memorandum.

Accepted Answer

True

Question 8

Debits on the left and Credits on the right, always?

Accepted Answer

True

Question 9

When cash is paid for supplies, the Cash account is debited.

Accepted Answer

False

Question 10

A form for recording transactions in chronological order.

Accepted Answer

Journal

Question 11

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

Accepted Answer

Sales Invoice

Question 12

When you have no source document to use, you use a

Accepted Answer

Memorandum

Question 13

Bought supplies on account

Accepted Answer

Credit A/P and Debit Supplies

Question 14

A business form giving written acknowledgement for cash received is

Accepted Answer

Receipt

Question 15

When paying on account you would you Debit A/P and Credit Cash?

Accepted Answer

True

Questions 15