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Ch. 3 Accounting Flashcards | StudBud
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Ch. 3 Accounting
Ch. 3 Accounting
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Journalizing Transactions
Flashcards
33 cards
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Practice quiz
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Questions
33
Answers
1
Journal columns used to record receiving cash from the owner as an investment?
Debit Sales, Credit Cash
Debit Capital, Credit Cash
Debit Cash, Credit Capital
Debit Cash, Credit Sales
2
A form for recording transactions in chronological order.
Journalizing
Proving Cash
Memorandum
Journal
3
A receipt is the _________________ for cash received from transactions other than sales.
Source Document
Memorandum
Check
Sales Invoice
4
What transactions do you have when you pay cash for rent
Cash Credit and General Debit
General Debit and Sales Credit
Sales Credit and Cash Debit
General Credit and Cash Debit
5
The recording of debit and credit parts of a transaction.
Journalizing
Double-entry Accounting
Receipt
Proving Cash
6
When is the date written on a journal page?
For every entry
on the first line of each column
None of these
Only when you want to
7
Every business uses there _________ of journals to record transactions.
there own version
different
variety
same
8
The accounting concept being applied when a source document is prepared for each transaction.
Unit of Measure
Realization of Revenue
Objective Evidence
Proof of Journaling
9
A single ruled line across the the journal amount columns means?
All columns equal
You need to total the columns
Yippee I'm done
Nothing
10
The source document used when supplies are bought on account is a____________?
Memorandum
Invoice
Check
Sales Invoice
11
A business paper from which information is obtained for a journal entry.
Source Document
Invoice
Entry
Sales Invoice
12
An invoice used as a source document for recording a sale on account.
Receipt
Check
Sales Invoice
Memorandum
13
A form describing the goods or services sold, the quantity, the price, and the terms of sale.
Invoice
Check
Sales Invoice
Receipt
14
A business form giving written acknowledgment for cash received.
Invoice
Sales Invoice
Receipt
Memorandum
15
Determining that the amount of cash agrees with the accounting records.
Check
Receipt
Proving Cash
Double-Entry Accounting
16
When you receive cash for sales, the amounts your record to are:
Sales Credit and Cash Debit
Sales Debit and Cash Credit
General Credit and Cash Debit
Cash Debit and General Credit
17
A transaction recorded in a journal is considered a ___________.
Permanent Record
Journal Entry
Just for fun
18
A form on which a brief message is written to describe a transaction.
Memorandum
Sales Invoice
Invoice
Check
19
What do you do to correct an entry?
Erase the entry
Just leave it
Put a line through, write correct information
Scribble it out
20
What accounts are affected when the owner withdraws money?
debit Drawing, credit Cash
debit cash and credit drawing
Credit Cash and debit Capital
Credit cash and Credit Capital
21
What accounts are affected when receive cash on account
General Debit and Cash Credit
General Credit and Cash Debit
Sales Credit and Cash Debit
Accounts Receivable Credit and Cash Debit
22
A complete journal entry consists of:
Date, credit amount, debit amount and memorandum
Date, time, who, and when
Date, who it is for, for how much, and why
Date, debit amount, credit amount, and a source document.
23
In double-entry accounting, how many transactions are affected?
at least two
only two
one
24
What does the double lines across a journal’s amount columns indicate?
You are done journalizing
Go to the next page
Totals have been verified as correct
You need to add the columns
25
What is the source document of all cash payments?
Sales Invoice
Source Document
Check
Receipt
26
When cash is paid on account, the amount is recorded in the
Capital Debit column and General Credit column.
General Debit column and Cash Credit column.
Accounts Receivable Debit column and Cash Credit column.
Sales Credit column and Cash Debit column.
27
A business form ordering a bank to pay cash from a bank account.
Check
Invoice
Memorandum
Receipt
28
When do you prove cash?
At the end of the month
End of every worksheet
Every two months
When you feel like it
29
Recording transactions in a journal.
Double -entry Accounting
entry
Journalizing
Proving Cash
30
When services are sold on account, the amount is recorded in the
General Debit and Cash Debit
Accounts Receivable Debit and Cash Credit
General Debit and Sales Credit
General Debit and Accounts Payable Debit
31
When an entry in an amount column is an even dollar amount what is acceptable?
Leaving it blank
00
--
32
Information for each transaction recorded in a journal.
Check
Entry
Journalizing
Sales Invoice
33
In what order do you record transactions in a journal?
Alphabetical
Any way you want to.
When you receive the information
chronological order
