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Chapter 3
| Term | Definition |
|---|---|
| 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
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