Accounting True False Concepts Study | Everett Community College

University:
Everett Community College
Course:
ACCT 250 | Intermediate Accounting I
Academic year:

2019
Views:

358

Pages:

1
Author:

Accinkiquicpqw

true/false Question 1. Information in a journal includes the debit and credit parts of each transaction recorded in one place. In double-entry accounting, each transaction affects at least three accounts. The Objective Evidence accounting concept requires that there be proof that a transaction did occur Examples of source documents include checks, sales invoices, receipts, and memorandums The source document for all cash payments is a sales invoice. A memorandum is the source document used when items are paid in cash. A receipt is the source document for cash received from transactions other than sales. A calculator tape is the source document for daily sales The source document used when supplies are bought on account is a check The journal columns used to record buying supplies on account are General Debit and Cash Credit The source document used when supplies bought on account are paid for is a memorandum. The journal columns used to record receiving cash from sales are Cash Debit and Sales Credit The source document sales invoice is abbreviated as S in a journal entry. The journal columns used to record paying cash for equipment rental are General Debit and Cash Credit The journal columns used to record paying cash to the owner for a withdrawal of equity are Cash Debit and General Credit. To prove a journal page, the total debit amounts are compared with the total credit amounts to be sure they are equal. When a journal page is full, the full page should be proved before a new page is started. Double lines across column totals mean that the totals have been verified as correct. To correct an error in a journal, simply erase the incorrect item and write the correct item in the same place. Answer true false true true false false true true false false false true true true false true true true false