Week 3.  Business document from which information for journal entry is obtained.  Transaction generates source document.  Each transaction must have.

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Presentation transcript:

Week 3

 Business document from which information for journal entry is obtained.  Transaction generates source document.  Each transaction must have a source document as proof.  Business must have objective evidence that transaction actually occurred.  Source document contains information necessary for journalizing.

 Check: document ordering bank to pay cash. Business records check information on check stub.  Invoice: document that describes goods or services sold, quantity, price. ◦ Sales invoice: recording customer sale on account  Receipt: document acknowledging cash received by business.  Memorandum: document on which a message is written describing a transaction.

 Book of original entry.  Used to record transactions in chronological order (by date).  Information from source documents is used to add transactions. Known as an entry.  Recording information in a journal is known as journalizing.  There are different kinds of journals used to record different kinds of transactions.  General journal: record any transaction.

 Each transaction recorded in the journal will identify the accounts affected (usually 2).  Each transaction recorded in the journal will identify the debit and credit parts.  Helps ensure debits = credits.

Every journal page must be numbered. All transactions must have a date. Source document information added here. Account title identifies affected account. Always list debited account first.

Questions?