Debit/Credit
what is cash
an asset
what is a check?
A form ordering bank to pay cash from a bank account
owners drawing is a asset
false
what is a receipt
a form giving acknowledgement for cash received
If you buy supplies what do you credit and debit?
Debit supplies
credit cash
The amount remaining after the value of all liabilities is subtracted from the value of all assets is called___
owners equity
what is double entry accounting
recording debit and credit parts of transaction
Journalizing is recording transactions in journal
true
what is the general journal
a journal with two amount columns in which all kinds of entries can be recorded
If owner draws out money what do you credit and debit
debit owner drawing
credit cash
An amount owed by a business is called a ___
liability
what is a source document
a paper from which information is obtained for a journal
post reference is the original page that you get the numbers from
false
what is an entry
information for each transaction recorded in a journal
what do you credit and debit if you owe money on a account
debit accounts payable
credit cash
what account does acct payable fall under
liabilities
what is an invoice
a form describing the goods
when you buy insurance you debit prepaid insurance and credit cash
true
what is a sales invoice
an invoice uses as a source document for recording a sale on account
what do you credit and debit when you receive sales
debit cash
credit sales
Accounts receivable is a ___
asset
what is a memorandum
A form on which a brief message is written describing a transaction
when your receive sales you debit sales and credit cash
false
what is journalizing
recording transactions in a journal