Journalizing Transactions

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Recording transactions in a journal is known as

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journalizing

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Recording debit and credit parts of a transaction

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double-entry accounting

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Importance of source documents

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Verify accuracy of journal entries.

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Source document for cash received from non-sales transactions.

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receipt

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Journal columns for cash from sales:

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Cash Debit; Sales Revenue Credit

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All businesses use the same journal for transactions.

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False

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Journal entry for cash received from Burke Supply:

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debit Cash, credit Accounts Receivable/Burke Supply.

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Journal entry for cash paid for an office desk:

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debit Office Equipment, credit Cash.

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Journal entry for PAID CASH FOR RENT:

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debit Rent Expense & credit Cash.

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Journal entry for cash paid for postage (misc. expense):

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debit Misc. Expense & credit Cash.