A receipt is the source document for cash received from transactions other than sales.

The accounting concept Unit of Measurement is being applied when a source document is prepared for each transaction.

The source document used when supplies are bought on account is a memorandum.

The journal columns used to record receiving cash from the owner as an investment are Cash Debit and Sales Credit.

To correct an error in a journal, one can simply erase the incorrect item and write the correct item.

A transaction recorded in a journal is not considered a permanent record.

Transactions are recorded in a journal in chronological order.

A complete journal entry consists of the date, the debit amount, the credit amount, and a source document.

When an entry in an amount column is an even dollar amount, either “00” or “--” can be entered in the cents column.

Double lines are ruled across a journal’s amount columns to indicate that the totals have been verified as correct.

Cash is always proved at the end of a month.

Every business uses the same journal to record transactions.

In double-entry accounting, each transaction affects at least two accounts.