Source Documents
This source document is used when cash is received.
What is a receipt?
The all purpose journal used for all business transactions is called this?
What is a general journal.
First step of the accounting cycle
What is verifying and collecting source documents
An investment increases what?
What is owner's equity or capital?
A source document is ____ that a transaction has occurred?
What is proof or evidence?
This source document is only used within a business.
What is a memorandum?
The sequence of business activities that keep records in order is called this?
What is accounting cycle?
This is how many steps of the accounting cycle according to our chart.
What is 9
Paying an electric bill is what type of expense
What is utility expense?
These two temporary accounts follow the same debit and credit rules
What are expense and withdrawals?
What is the source document that shows the date, items purchased, quantity, and total cost of items purchased?
What is an invoice.
The process of recording business transactions in a journal is called this?
What is journalizing?
This side of our journal is recorded first.
What is debit
Anytime you pay with a check this gets credited
What is cash in bank?
These two permanent accounts follow the same debit and credit rules
What are liabilities and Owner's equity?
Any business paper that verifies a transaction has occurred is called this?
What is a source document.
A type of account that does not carry over to the next accounting period
What is a temporary account?
Anytime you pay off debt this gets debited
What is Accounts payable?
When you buy office supplies this gets debited
What is office supplies?
Professional fees are classified as what type of account?
What is a revenue account?
The 4 main SD's are invoices, memorandums, receipts and this?
What is a check (Stub)?
The 2 types of accounting periods.
What is calendar and fiscal periods.
All expenses that are increased get recorded on this side
What is a debit?
When you make a withdrawal these two accounts are affected
What is withdrawals and cash in bank?
If you receive $550 for providing professional services to a client, what two accounts are affected?
What is revenue and cash in bank?