Debit or Credit
This type of entry increases assets and expenses.
Debit
The general journal's most common narration is
Correcting an error
A debtor is a person or business that owes this.
Money
GAAP stands for this.
Generally Accepted Accounting Principles
This document is issued when a business makes a cash sale.
cash receipt
This type of entry increases liabilities, income, and equity
Credit
This type of transaction is recorded in the general journal.
A transaction that does not touch bank
What is the opposite of a Debtor's Recon
Creditor's recon
This principle states that businesses should record transactions at their actual cost.
historical cost principle?
When goods are sold on credit, this document is sent to the customer.
invoice
In a double-entry system, every debit must have this
A credit
When recording transactions, each entry must include this.
A debit,credit and narration
When a business issues an invoice to a customer, this type of account increases.
Debtor's Control
The principle stating that a business may not continue to operate in the foreseeable future.
going concern principle
When a debtor makes a payment via electronic funds transfer (EFT), the business records it using this document.
bank statement
A bank overdraft is recorded under this type of entry.
A credit
If was the business was overcharged on a purchase of equipment on credit (G Beukes), this general journal will debit this account.
G Beukes
If a debtor pays their account, which two accounts are affected?
Bank and Debtor's Control
Revenue must be recorded when it is earned, not when cash is received. This principle is called?
The materiality concept
When a business returns goods to a supplier, this document is issued.
credit note
When an owner withdraws cash from the business, this account is debited
Drawings
What does Ms Beukes call the narrations for fun?
A love letter
When reconciling, a business notices a supplier charged an incorrect amount. This document is sent to request a correction.
A debit note
The principle that ensures transactions are recorded in the correct accounting period.
matching principle
This document is used to summarize all transactions before they are posted to the ledger.
A journal