Terms
A form for recording transactions in chronological order
What is a journal?
A form describing the goods or services sold, the quantity, and price.
What is an invoice?
Received cash from owner as an investment/
What is credit Capital, Debit Cash?
When adding a new expense account between 510 and 520, the account is assigned what number?
What is 515?
The analysis of a transaction should be done in this
What is a T-Account?
Arranging records, assigning account numbers and keeping records current
What is file maintenance?
A form in which a brief message is written describing a transaction.
What is a memorandum?
Paid Cash for Supplies
What is debit supplies, credit cash?
All journal entries must contain the following
What is a date, account title, source document, debit, and credit?
Information recorded for each transaction in a journal
What is an entry?
A business paper from which information is acquired for a journal entry.
What is a source document?
A source document used to record all daily sales.
What is Calculator Tape?
bought supplies on account
What is debit supplies, credit accounts payable?
What do you do when you buy supplies on account
What is one line supplies general debit and one line A/P general credit
All corrections of posting errors should be made in a way that leaves no question as to the correct amount.
What is TRUE?
Determining that the amount of cash agrees with the accounting records is called this.
What is Proving Cash?
A business form giving written acknowledgment for cash received.
What is a receipt?
Received cash from sales
What is debit cash, credit sales?
Term used when write the account title and account number on the top of a ledger.
What is opening an account?
This accounting concept is applied when a source document is prepared for each transaction
What is Objective Evidence?
Transferring information from a journal entry to a ledger account.
What is posting?
A business form ordering a bank to pay cash from a bank account.
What is a check?
Paid cash to owner for personal use
What is debit drawing, credit cash.
If a payment of rent was accidentally posted as a debit to repair expense and credit to cash, what is the correcting entry?
What is debit rent expense, credit repair expense?
The recording of debit and credit parts of a transaction
What is double entry accounting?