Journalizing Transactions

Recording transactions in a journal is known as

• actualizing

• journalizing

• accounting

• entering

The recording of debit and credit parts of a transaction is called

• preparing journal entries

• journalizing

• double-entry accounting

• verifying the accuracy

What is NOT considered a part of a journal entry?

• Credit

• Date

• Debit

• Account title

Why are source documents important?

• To verify the accuracy of a specific journal entry.

• To make sure no one is stealing.

• It is not important, no need for one.

• To make sure the wrong items were not ordered.

A(n) __ is the source document for cash received from transactions other than sales.

• receipt

• sales invoice

• memorandum

• calculator tape

Which journal columns are used to record paying cash for insurance?

• General Credit; Cash Debit

• General Debit; Cash Debit

• General Debit; Cash Credit

• General Credit; Cash Credit

Which journal columns are used to record receiving cash from sales?

• General Debit; Cash Credit

• Cash Credit; Sales Debit

• General Credit; Cash Debit

• Cash Debit; Sales Credit

The ___ concept requires proof that a transaction did occur.

The source document for all cash payments is a(n)

• sales invoice

• receipts

• check

• memorandum

Which is NOT one of the three steps for proving a journal.

• Add each of the amount columns.

• Add the debit column totals, and then add the credit column totals.

• Subtract the debit column totals from the credit column totals.

• Verify that the total debits and total credits are equal.