Acct. Chapter 3 Review

Transactions are recorded in a journal in chronological order.

Every business uses the same journal to record transactions.

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

accnting concepts Unit of Measurements is being applied when source doc is prep for each trans

complete journal entry consists of the date, debit amount, credit amount, and a source document

The recording of debit and credit parts of a transaction.

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

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

correct an error in a journal one can simply erase the incorrect item & write the correct item

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

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

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

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

Information for each transaction recorded in a journal

The Objective Evidence concept requires proof that a transaction did occur.

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

A calculator tape is the source document for daily cash sales.

A form for recording transactions in chronological order.

The source document for all cash payments is a check.

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

A business form giving written acknowledgement for cash received.

an entry in an amount col is an even $ amount, either "00" or "--" can be entered in cents col

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

Recording transactions in a journal.