Accounting Chapter 3: Journalizing Transactions

Question 1

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

Accepted Answer

sales invoice

Question 2

Transactions are recorded in a journal in chronological order

Accepted Answer

true

Question 3

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

Accepted Answer

false

Question 4

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

Accepted Answer

Accounts Receivable Credit column and Cash Debit column.

Question 5

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

Accepted Answer

debit Drawing, credit Cash

Question 6

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

Accepted Answer

true

Question 7

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

Accepted Answer

true

Question 8

The source document for all cash payments is a check

Accepted Answer

true

Question 9

Information for each transaction recorded in a journal

Accepted Answer

entry

Question 10

If an error is recorded in a journal entry,

Accepted Answer

all of these

Question 11

On each journal page, the date is written

Accepted Answer

for each entry

Question 12

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

Accepted Answer

Cash Credit column and General Debit column.

Question 13

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

Accepted Answer

false

Question 14

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

Accepted Answer

false

Question 15

Recording transactions in a journal

Accepted Answer

journalizing

Question 16

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

Accepted Answer

true

Question 17

A business form giving written acknowledgement for cash received

Accepted Answer

receipt

Question 18

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

Accepted Answer

Accounts Payable Debit column and Cash Credit column

Question 19

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

Accepted Answer

memorandum

Question 20

A form for recording transactions in chronological order

Accepted Answer

journal

Question 21

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

Accepted Answer

invoice

Question 22

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

Accepted Answer

Accounts Receivable Debit column and Sales Credit column

Question 23

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

Accepted Answer

true

Question 24

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

Accepted Answer

Sales Credit column and Cash Debit column

Question 25

The recording of debit and credit parts of a transaction

Accepted Answer

double-entry accounting

Question 26

Every business uses the same journal to record transactions

Accepted Answer

false

Question 27

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

Accepted Answer

false

Question 28

When cash is paid for supplies,

Accepted Answer

Supplies is increased

Question 29

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

Accepted Answer

source document

Accounting Chapter 3: Journalizing Transactions

Questions 29

Accounting Chapter 3: Journalizing Transactions

Questions 29