Journalizing Transactions

Front

Recording transactions in a journal is known as

Back

journalizing

Front

The recording of debit and credit parts of a transaction is called

Back

double-entry accounting

Front

What is NOT considered a part of a journal entry? Credit, Date, Debit, Account title

Back

Account title

Front

Why are source documents important?

Back

To verify the accuracy of a specific journal entry.

Front

A(n) __ is the source document for cash received from transactions other than sales.

Back

receipt

Front

Which journal columns are used to record paying cash for insurance?

Back

General Debit; Cash Credit

Front

Which journal columns are used to record receiving cash from sales?

Back

Cash Debit; Sales Credit

Front

The ___ concept requires proof that a transaction did occur.

Back

Objective Evidence

Front

The source document for all cash payments is a(n)

Back

check

Front

Which is NOT one of the three steps for proving a journal? Options: Add each of the amount columns., Add the debit column totals, and then add the credit column totals., Verify that the total debits and total credits are equal.

Back

Subtract the debit column totals from the credit column totals.