Accounting I - Chapter 3 - Journalizing

Front

The source document for all cash payments is a check.

Back

TRUE

Front

A receipt is the source document for cash received from transactions other than sales.

Back

TRUE

Front

The source document used when supplies are bought on account is a memorandum.

Back

TRUE

Front

A general journal page is complete when there is insufficient space to record any more entries.

Back

TRUE

Front

To correct an error in a journal, one can simply erase the incorrect item and write the correct item.

Back

FALSE

Front

Transactions are recorded in a journal in chronological order.

Back

TRUE

Front

A complete journal entry consists of the date, the debit amount, the credit amount, and a source document. TRUE or FALSE?

Back

TRUE

Front

A calculator tape is the source document for daily cash sales.

Back

TRUE

Front

Every business uses the same journal to record transactions.

Back

FALSE

Front

In double-entry accounting, each transaction affects at least two accounts.

Back

TRUE