Accounting Ch 3 Review

A form for recording transactions in chronological order.

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

A business form giving written acknowledgement for cash received.

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

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

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.

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

The recording of debit and credit parts of a transaction.

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

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

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

A calculator tape is the source document for daily sales.

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

Transactions are recorded in a journal in chronological order.

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

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

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

Information for each transaction recorded in a journal.

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

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

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

Recording transactions in a journal.

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