Chapter 3: Journalizing Transactions

The recording of debit and credit parts of a transaction.

Transactions are recorded in a journal in chronological order.

On each journal page, the date is written

When an entry in an amount column is an even dollar, either "00" or "--" can be entered.

A single line ruled across the journal's amount columns indicates

When cash is paid for rent, the amount is recorded in the

If an error is recorded in a journal entry,

The cash balance at the end of the month should total the checkbook balance.

When proving cash, total cash received during the month comes from

When proving cash, total cash paid during the month comes from

A form for recording transactions in chronological order

The accounting concept Unit of Measurement is being applied when a source document is prepared.

Recording transactions in a journal

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

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

Determining that the amount of cash agrees with the accounting records

Every business uses the same journal to record transactions.

When cash is paid on account, the amount is recorded in the

Information for each transaction recorded in a journal is?

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

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

A complete journal entry consists of date, debit amt., credit amt., and source document.

When cash is received from sales, the amount is recorded in the

When services are sold on account, the amount is recorded in the

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

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

The entry to record payment of cash to the owner as a withdrawal of equity is

A business form giving written acknowledgement for cash received

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

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

A transaction recorded in a journal is not considered a permanent record.

Double lines are ruled across a journal's columns to indicate totals have been verified.

When cash is received on account, the amount is recorded in the

When cash is paid for supplies

Cash is always proved at the end of a month.

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

The source document for all cash payments is a check.