Accounting- Chapter 3 Review

Front

When Aria purchases office supplies on account for her business, the source document she uses is a memorandum.

Back

True

Front

Mason received cash from his father as an investment in his new business. The journal columns used to record this transaction are Cash Debit and Sales Credit.

Back

False

Front

When Mason pays cash for supplies...

Back

Supplies is increased

Front

Emma runs a small business and receives cash from a customer who previously bought goods on credit. When recording this transaction, the amount is recorded in the...

Back

General Credit column and Cash Debit column

Front

Is a transaction recorded in a journal considered a permanent record?

Back

False

Front

When Nora receives cash from her sales at the lemonade stand, the amount is recorded in the...

Back

Sales Credit column and Cash Debit column

Front

Olivia needs to make a payment from her bank account for a business transaction. What business form should she use to order the bank to pay cash?

Back

Check

Front

Elijah runs a small business and receives cash from a customer. What business form should he use to give written acknowledgement for the cash received?

Back

Receipt

Front

Charlotte is setting up her new business and wonders if every business uses the same journal to record transactions. Is this true?

Back

False

Front

Rohan always checks his cash balance at the end of each month.

Back

True