1. Chapter 3 Notes

2. A multicolumn journal has five amount columns: General Debit, General Credit, Sales Credit, Cash Debit, and Cash Credit.
A journal amount column headed with an account title is called a special amount column
These columns are used for transactions that occur frequently such as cash.
Transactions are recorded in a journal in order by date. All information about a transaction is recorded in one place, making the information for a specific transaction easy to locate.

3. Information for each transaction recorded in a journal is called an entry
The recording of debit and credit parts of a transaction is called double-entry accounting
Both the debit and the credit parts are recorded, reflecting. Double- entry accounting assures that debits equal credits.
There are five source documents: checks, sales invoices, receipts, calculator tape and memorandums.

4. There are four parts to every entry:
Information for each transaction recorded in a journal is known as an entry.
There are four parts to every entry:
Date
Debit
Credit
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