Source Documents
The source document for cash paid by the business
What is a check?
What is the first thing that must be identified when journalizing a transaction?
Identifying which 2 accounts are affected.
What is Objective Evidence?
A form for recording transactions in chronological order
What is a journal?
Classify this account:
Drawing
Owner's Equity
Source document for daily cash sales
What is a calculator tape?
When journalizing a transaction, the first step is to write the ____________.
Date
When correcting an amount error in the debit or credit amount column, what must be done?
Draw a line through amount and write correct amount above error.
A business paper from which information is obtained for a journal entry.
An expense has a normal balance of:
A debit
A form which a brief message is written to describe a transaction
What is a memorandum?
When journalizing a transaction, you must always write the __________ before the ____________.
Debit, Credit
Accounting concept applied when revenue is recorded at the time goods or services are sold.
What is Realization of Revenue?
A business form giving written acknowledgement for cash received.
Receipt
Identify which accounts are affected and how:
Transaction:
Owner paid cash on account
Accounts Payable - Debit
Cash - Credit
Business form giving written acknowledgement for cash received
What is a receipt?
Source Document
When an entry in an amount column is an even dollar amount, you must place ____ in the cents column.
"00"
Information for each transaction recorded in a journal
Entry
Identify which 2 accounts are affected and how:
Transaction:
Owner received cash on account
Accounts Receivable - Credit
Used to document the recording a sale on account
What is a sales invoice?
A complete journal entry consists of 4 parts. What are they?
2. Debit Amount
3. Credit Amount
4. Source Document
Recording of debit and credit parts of a transaction
Double-entry accounting
Yardley Trivia -
Mrs. Yardley's favorite kind of pizza is:
Supreme!