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Accounting Chapter 3
Terms in this set (30)
a form for recording transactions in chronological order
recording transactions in a journal
Special Amount Column
a journal amount column headed with an account title
General Amount Column
a journal amount column that is not headed with an account title
information for each transaction recorded in a a journal
the recording of debit and credit part of a transaction
a business paper from which information is detained for a journal entry
a business from ordering a bank to pay cash from a bank account
a form describing the goods or services sold, the quality, and the price
an invoice used as a source document for recording a sale on account
a business form giving written acknowledgment for cash received
a form on which a brief message is written describing a transaction
determining that the amount of cash agrees with the accounting records
F/T - Information in a journal includes the debit and credit parts of each transaction recorded in one place.
F/T - The Objective Evidence accounting concept requires that there be proof that a transaction did occur.
F/T - Examples of source documents include checks, sales invoice, memorandums, and letters.
F/T - A check is the source document used when items are paid in cash.
F/T - The source document for all cash payments is a sales invoice.
F/T - A receipt is the source document for cash received from transactions other than sales.
F/T - A calculator tape is the source document for daily sales.
F/T - The source document used when supplies are brought on account is a memorandum.
F/T - The source document used when supplies brought on account are paid for is a check.
F/T - The journal column used to record receiving cash from sales are cash debit and sales credit.
F/T - The source document sales invoice is abbreviated as SI in a journal entry.
F/T - The journal columns used to record paying cash for rent are general debit and cash credit.
F/T - The journal columns used to record paying cash to the owner for personal use are general debit and cash credit.
F/T - To prove a journal page, the total debit amounts are compared with the total credit amounts to be sure they are equal.
F/T - Double lines across column totals mean that the totals have been verified as correct.
F/T - To correct an error in a journal, simply erase that incorrect item and write the correct item in the same place.
F/T - Dollars and cents signs and decimal points should be used when writing amounts on ruled accounting pages.
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