Chapter 3.1/3.2

Recording transactions in a journal is called

• Boring

• Journalizing

• Normalizing

• Accounting

This is an example of:

• Calculator tape

• Memorandum

• Check

• Sales Invoice

The owner, Kai Dahal, invested $10,000 in a business called Kai's Cleaners. Which account would be credited?

• Kai Dahal, Capital

• Kai Dahal, Drawing

• Cash

The owner, Kai Dahal, invested $10,000 in a business called Kai's Cleaners. Which account would be debited?

• Kai Dahal, Capital

• Kai Dahal, Drawing

• Cash

Sold services on account to Fancy Feast Friends. Which account would be credited?

• Sales

• Accounts Payable Fancy Feast Friends

• Accounts Receivable Fancy Feast Friends

Sold services on account to Fancy Feast Friends. Which account would be debited?

• Sales

• Accounts Payable Fancy Feast Friends

• Accounts Receivable Fancy Feast Friends

Paid $100 for insurance. Which account is credited?

• Cash

• Insurance

• Prepaid Insurance

Paid $100 for insurance. Which account is debited?

• Cash

• Insurance

• Prepaid Insurance

The process of recording a transaction in a journal is called

• debiting

• crediting

• journalizing

Every entry in a journal must have a debit and a credit.

• true

• false