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Chapter 3

TermDefinition
Journal A form for recording transactions in chronological order.
Journalizing Recording transactions in a journal.
Check A business form ordering a bank to pay cash from a bank account.
Entry Information for each transaction recorded in a journal.
Invoice A form describing the goods or services sold, the quantity, the price, and the terms of sale.
Double-entry accounting The recording of debit and credit parts of a transaction.
Source document A business paper from which information is obtained for a journal entry.
Proving cash determining that the amount of cash equals the accounting records.
Sales invoice An invoice used for as a source document for recording a sale on account.
Receipt A business form giving written acknowledgement for cash received.
Memorandum A form on which a brief message is written to describe a transaction.
FYI – Latin meaning journal Diurnalis
FYI – Objective Evidence When a source document is prepared for each transaction.
FYI – Timeframe on transactions Year, month, day
FYI – Another name for company journal "Book of original entry"
FYI – 4 parts of journal entry Date, Debit, Credit, Source Document.
FYI – General Debit/Credit columns Used for any account other than cash or sales.
FYI – Even dollar entry 00 added to the cents column.
Proving a Journal 1.Add each amount columns. 2.Add debit column totals, then credit. 3.Verify they are equal.
Single Rule Under last entry to indicate that the columns are to be totaled.
Double Rule indicates debits equal credits.
FYI – Carried Forward All column totals brought and added.
FYI – Brought Forward Last column totals brought to next page.
FYI – 5 steps to ruling a journal 1.Rule a single line under the last entry. 2.Next line enter date. 3.Write Carried forward. 4.Write each column total 5.double rule underneath.
FYI – Correcting errors Do not erase, mark out.
Created by: andrew.v