Journalizing Transactions

Transactions are recorded in a journal in chronological order

The source document used when supplies are bought on account is a memorandum.

To correct an error in a journal, one can simply erase the incorrect item and write the correct item

A receipt is the source document for cash received from transactions other than sales.

The accounting concept Unit of Measurement is being applied when a source document is prepared for each transaction.

A transaction recorded in a journal is not considered a permanent record.

A general journal page is complete when there is insufficient space to record any more entries

When an entry in an amount column is an even dollar amount, either “00” or “--” can be entered in the cents column.

The entry to record payment of cash to the owner as a withdrawal of equity is

If an error is recorded in a journal entry,