Chapter 3

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In what order are transactions recorded in a journal?

Account/Transaction - Source Document - Debit Amount - Credit Amount

Receipt

a business form giving written acknowledgement for cash received

Check

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

Source Document

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

Invoice

a form describing the goods or services sold, the quantity, and the price

Journal

a form of recording transactions in chronological order

memorandum

a form on which a brief message is written describing a transaction

General Journal

a journal with two amount columns in which all kinds of entries

when supplies are bought on account, which account is listed on the second line?

accounts payable

Sales Invoice

an invoice used as a source document for recording a sale on a sale

when cash is paid on account, which account is listed on the second line of the entry?

c

when cash is paid on account, which account is listed on the second line of the entry?

cash

when cash is received from sales, which account is listed on the first line of the entry?

cash

in what order are transaction recorded in a journal?

chronological order

List the four parts of a journal.

date debit credit source document

Entry

information for each transactions recorded in a journl

when cash is paid for insurance, which account is listed on the first time line of the entry?

on accounting general

When cash is received on account, what abbreviation is used for the source document?

r

Journalizing

recording transactions in a journal

when cash is received from sales, which account is listed on the second line of the entry?

sales

when supplies are bought on account, which account is listed on the second line of the entry?

sales

when supplies are brought on account, which account is listed on the first line of entry?

supplies

Double Entry Accounting

the recording of debit and credit parts of a transaction

Why are source documents important?

to keep track of a document that has been recorded


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