Intro to Business Accounting Chapter 3 Review

Front

On each journal page, the date is written

Back

for each entry.

Front

The entry to record payment of cash to the owner as a withdrawal of equity is

Back

debit Drawing, credit Cash.

Front

When cash is paid for supplies,

Back

Supplies is increased.

Front

A single line ruled across the journal’s amount columns indicates

Back

that columns are to be totaled.

Front

When cash is received on account, the amount is recorded in the

Back

Accounts Receivable Credit column and Cash Debit column.

Front

When cash is received from sales, the amount is recorded in the

Back

Sales Credit column and Cash Debit column.

Front

When services are sold on account, the amount is recorded in the

Back

Accounts Receivable Debit column and Sales Credit column.

Front

When cash is paid for rent, the amount is recorded in the

Back

Cash Credit column and General Debit column.

Front

When cash is paid on account, the amount is recorded in the

Back

General Debit column and Cash Credit column.