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Accounting Midterm17

2017 Accounting MIdterm

TermDefinition
Speedman mailed a check for $300 for the first installment payment on Office Equipment purchased last month. The journal entry should be: debit accounts payable and credit cash in bank
Speedman sold one file cabinet for $100. The account debited should be: Cash in Bank
Speedman received and deposited a check for $800 for delivery service. The journal entry should be: debit cash in bank and credit delivery revenue
Another name for"recording" a business transaction is: journalizing
What does GAAP stand for? Generally Accepted Accounting Principles
Speedman received and deposited a check for $22,000 for delivery service last month. The account to debit is: Cash in Bank
The paper that is prepared when a business transation occurs is called a: Source Document
Created by: emilia12