Accounting - Chapter 3 Journaling review

This book is called a book of original entry. Every transaction must first be recorded and in chronological order.

• Journal

• Journalizing

• Recording

• Transaction

The process of recording a journal entry is called

• journal

• journalizing

• transaction

• accounting

Each transaction can be traced to the types of documents.

• journal

• accounting

• source documents

• transactions

These types of business papers (checks, receipts, invoices, register tape, etc) are used as objective evidence for each transaction.

• source documents

• journal

• accounting

• entry

Assets taken out of a business for the owner's personal use

• capital
• withdrawals
• equities
• revenue

Amount owed by a business

• liability
• asset
• capital
• account

Anything of value that is owned by a business.

• account

• asset

• withdrawal

• expense

The account used to summarize the owner's equity in a business

• account
• expense
• capital
• revenue

The basic accounting equation is Assets=Liabilities + _______________________.

• Income
• Owner's Equity
• Expenses
• Profit

Accounting entries involve a minimum of how many accounts?

• 0
• 1
• 2
• 3