Accounting Chapter 3: Journalizing Transactions

Question 1

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

Accepted Answer

Accounts Receivable Credit column and Cash Debit column.

Question 2

A form for recording transactions in chronological order

Accepted Answer

journal

Question 3

A business form giving written acknowledgement for cash received

Accepted Answer

receipt

Question 4

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

Accepted Answer

false

Question 5

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

Accepted Answer

Accounts Receivable Debit column and Sales Credit column

Question 6

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

Accepted Answer

false

Question 7

Information for each transaction recorded in a journal

Accepted Answer

entry

Question 8

If an error is recorded in a journal entry,

Accepted Answer

all of these

Question 9

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

Accepted Answer

Accounts Payable Debit column and Cash Credit column

Question 10

The recording of debit and credit parts of a transaction

Accepted Answer

double-entry accounting

Question 11

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

Accepted Answer

that columns are to be totaled

Question 12

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

Accepted Answer

false

Question 13

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

Accepted Answer

memorandum

Question 14

On each journal page, the date is written

Accepted Answer

for each entry

Question 15

Every business uses the same journal to record transactions

Accepted Answer

false

Question 16

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

Accepted Answer

true

Question 17

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

Accepted Answer

Sales Credit column and Cash Debit column

Question 18

The source document for all cash payments is a check

Accepted Answer

true

Question 19

the concept Unit of Measurement is applied when a source doc is prepared for each transaction

Accepted Answer

false

Question 20

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

Accepted Answer

Cash Credit column and General Debit column.

Question 21

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

Accepted Answer

check

Question 22

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

Accepted Answer

debit Drawing, credit Cash

Question 23

Determining that the amount of cash agrees with the accounting records

Accepted Answer

proving cash

Question 24

The journal columns used to record receivin cash from the owner are Cash Debit and Sales Credit

Accepted Answer

false

Question 25

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

Accepted Answer

invoice

Question 26

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

Accepted Answer

true

Question 27

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

Accepted Answer

sales invoice

Question 28

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

Accepted Answer

true

Question 29

When cash is paid for supplies,

Accepted Answer

Supplies is increased

Question 30

Transactions are recorded in a journal in chronological order

Accepted Answer

true

Question 31

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

Accepted Answer

source document

Question 32

A complete journal entry consists of the date, debit amount, credit amount, and a source doc.

Accepted Answer

true

Question 33

Double lines are ruled across a journal's columns to say the totals were verified as correct

Accepted Answer

true

Question 34

Cash is always proved at the end of a month

Accepted Answer

true

Question 35

Recording transactions in a journal

Accepted Answer

journalizing

Accounting Chapter 3: Journalizing Transactions

Questions 35

Accounting Chapter 3: Journalizing Transactions

Questions 35