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Key Terms
Standard Accounting Practices
Miscellaneous
Transactions
Transactions
100
Form for recording transactions in chronological order
What is a journal?
100
Reason not to leave the cents column blank
What is because doubts may arise later about the correct amount?
100
Journal with 2 amount columns in which all kinds of entries can be recorded
What is a general journal?
100
Paid Cash for Supplies. Check No.1.
What is Debit to Supplies, & a Credit to Cash, Source Document = C1?
100
Received Cash from Sales. Tape No. 12.
What is a Debit to Cash, & a Credit to Sales, Source Document = T12?
200
Information for each transaction recorded in a journal
What is an entry?
200
Process you follow if you discover an entire entry is incorrect & is discovered before the next entry is journalized?
What is to draw neat lines through all parts of the incorrect entry & journalize the entry correctly on the next blank lines?
200
The normal balance of the Owner's Drawing Account
What is a Debit?
200
Received Cash from Owner (Kim Park) as an Investment. Receipt No.1.
What is a Debit to Cash, & a Credit to Kim Park, Capital, Source Document = R1?
200
Paid Cash for Rent. Check No.4.
What is a Debit to Rent Expense, & a Credit to Cash, Source Document = C4?
300
Source Document
What is a business paper from which information is obtained for a journal entry?
300
When you may abbreviate words
What is only when space is limited?
300
Invoice used as a source document for recording a sale on account.
What is a sales invoice?
300
Bought supplies on account from Supply Depot. Memorandum No. 1
What is a Debit to Supplies, & a Credit to Accounts Payable - Supply Depot, Source Doc = M1?
300
Received Cash on Account from Oakdale School. Receipt No. 2.
What is a Debit to Cash, & a Credit to Accounts Receivable - Oakdale School, Source Document = R2?
400
Recording of debit & credit parts of a transaction
What is double-entry accounting?
400
When writing amounts on ruled accounting paper, these signs should not be used
What is dollar & cents signs and decimal points?
400
The accounting concept that's applied when a source document is prepared for each transaction
What is Objective Evidence?
400
Paid cash on account to Supply Depot. Check No.3.
What is a Debit to Accounts Payable - Supply Depot, & a Credit to Cash, Source Document = C3?
400
Paid Cash for Electric. Check No. 8.
What is a Debit to Utilities Expense, & a Credit to Cash, Source Document = C8?
500
Form on which a brief message is written describing a transaction
What is a memorandum?
500
Process you follow after several correct entries are recorded after an incorrect entry is made.
What is to draw neat lines through all incorrect parts of the entry, record the correct items on the same lines as the incorrect items, directly above the canceled parts?
500
Process of starting a new journal page
What is writing the page number in the space provided in the journal heading?
500
Sold services on account to Oakdale School. Sales Invoice No. 1.
What is a Debit to Accounts Receivable - Oakdale School, & a Credit to Sales, Source Document = S1?
500
Paid Cash to Owner (Kim Park) for Personal Use. Check No. 6.
What is a Debit to Kim Park, Drawing & a Credit to Cash, Source Document = C6?