Transaction/Vocabulary/Concept Review

Recording transactions in a journal is called __.

The accounting concept ___ is applied when a source document is prepared for each transaction.

What account is debited when cash is received from the owner as an investment?

When a business's financial information is recorded and reported separately from the owner's personal information the accounting concept __ is being applied.

Classify the account Prepaid Insurance.

Your business, Frying Nemo, paid back part of the money it owed to Bread Pitt. What account would be debited?

Classify the account Sales.

The owner of Pita Pan prepares financial statements from the information found on the work sheet at the end of every fiscal period. What accounting concept is being used?

When establishing the petty cash fund what account is debited?

What is the source document when using a debit card to purchase supplies?