EMS0909

For every debit entry there must be a matching credit entry in the ledger. This is know as_____

All activities involving monetary value that take place between the business and other enterprises (people) must at some point be recorded in the books of the enterprise

• Journals

• Transactions

• Documents

• General ledger

All transactions must be recorded properly. Accounts must be balanced and a trial balance needs to be prepared.

• Income statement

• Transactions

• Trial Balance

• Financial statement

When a business received money from a client for service rendered - in which journal should the transaction be recorded?

• No Journal Entry

• Cash Receipts Journal

• Cash Payments Journal

• General Ledger

Mr. Fleho deposited money as capital contribution into the business bank account - in which journal should the transaction be recorded?

• Cash Receipts Journal

• Cash Payments Journal

• No Journal Entry

• General Ledger