![]() ![]() ![]() real-time The procedure for transferring information from a source document to the general journal is journalizing To journalize an initial payment of $12,500.00 used to start a business, you should debit the cash account for $12,500.00 and credit the _ account for $12,500.00. In other words, these systems provide decision makers with _ data. Deliberate Speed Corporation (DSC) was incorporated as a private company. Liability Which of the following accounts is impacted when an owner takes cash or merchandise from the business for personal use: Drawing The recording of debit and credit parts of a transaction is _ double-entry accounting What is the first step of the accounting cycle? Analyzing transactions and source documents Many computerized accounting systems make up-to-the-minute data available to financial decision makers instantaneously. PA2-2 (Algo) Recording Transactions (in a Journal and T-Accounts) Preparing a Trial Balance Preparing and Interpreting the Balance Sheet LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5 The following information applies to the questions displayed below. Accounts payable and notes payable are examples of _ accounts. The accounts receivable account is classified as an asset. If you pay $300.00 cash on account to Supply Depot you would: debit Accounts Payable-Supply Depot for $300.00 and credit for Cash $300.00. Errors are corrected: in a way that does not cause questions about why the correction was made. True A revenue account has a normal debit balance True What is the transaction that describes services sold on account: Accounts Receivable is debited and Sales is credited. Before a transaction is recorded in a journal, the transaction is analyzed into its debit and credit parts. signature A journal page is complete: when there is insufficient space to record any more entries. True A business paper that is proof that a business transaction occurred is called a(n): Source Document Which of the following is not part of a journal entry?ĭ. To keep from getting overloaded, businesses usually record transactions daily. General Journal A journal with a debit and credit column in which business transactions can be recorded for the first time is called a: Transactions are recorded in a general journal in chronological order. Accounting Planning, recording, analyzing and interpreting financial information. Memorandum A form on which a brief message is written describing a transaction. ![]()
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