1 Study Guide Name Identifying Accounting Terms Identifying Accounting Concepts and Practices Recording Transactions in a General Journal Total Perfect Score Pts. Your Score Part One Identifying Accounting Terms Directions: Select the one term in Column I that best fits each definition in Column II. Print the letter identifying your choice in the Answers column.

1. Identifying Accounting Terms
2. Study Guide 4 Identifying Accounting Terms
3. Identifying Accounting Terms Study Guide 2

Column I Column II A. A form for recording transactions in chronological order. Double-entry accounting. Recording transactions in a journal. Information for each transaction recorded in a journal. A journal with two amount columns in which all kinds of entries can be recorded.

General journal. The recording of debit and credit parts of a transaction.

A business paper from which information is obtained for a journal entry. A business form ordering a bank to pay cash from a bank account.

A form describing the goods or services sold, the quantity, and the price. An invoice used as a source document for recording a sale on account.

Sales invoice 0. A business form giving written acknowledgment for cash received. Source document. A form on which a brief message is written describing a transaction.

H COPYRIGHT SOUTH-WESTERN CENGAGE LEARNING Chapter 2 Part Two Identifying Accounting Concepts and Practices Directions: Place a T for True or an F for False in the Answers column to show whether each of the following statements is true or false. Information in a journal includes the debit and credit parts of each transaction recorded in one place. The Objective Evidence accounting concept requires that there be proof that a transaction did occur. Examples of source documents include checks, sales invoices, memorandums, and letters.

A check is the source document used when items are paid in cash. Checks and sales invoices are prenumbered in sequence to help account for them. 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 accounts affected when cash is received from the owner as an investment are and the capital account. When cash is paid for supplies, the account is credited. When cash is used to pay for insurance, the asset account Prepaid Insurance decreases. The source document used when supplies are ordered by telephone on account is a memorandum.

The source document used when supplies bought on account are paid for is a check. When cash is received from sales, both the account and the account are increased.

The source document Invoice No. Is abbreviated as S in a journal entry. When services are sold on account, an asset account and a revenue account are affected. The accounts affected when paying cash for rent are Rent Expense and.

When cash is received on account, one asset account increases and another asset account decreases. The accounts affected when paying cash to the owner for personal use are the drawing account and.

If there is only one blank line remaining on a journal page, it is standard practice to split the entry and record the second line of the entry on the next page. To correct an error in a journal, simply erase the incorrect item and write the correct item in the same place. Dollars and cents signs and decimal points should be used when writing amounts on ruled accounting pages. F Working Papers TE CENTURY ACCOUNTING, TH EDITION 3 Name Date Class Part Three Recording Transactions in a General Journal Account Titles A.

Accounts Payable Suburban Office B. Accounts Receivable R. Peters, Capital E. Peters, Drawing F. Prepaid Insurance G.

Rent Expense H. Utilities Expense Directions: Analyze each of the following transactions into debit and credit parts and choose account titles from the list above.

Print the letters identifying your choices in the proper Answers columns. Answers Debit Credit. Received cash from owner E.

Peters as an investment. Paid cash to Suburban Office for supplies.

Paid cash for insurance. Purchased supplies from Suburban Office on account. Paid cash on account to Suburban Office. Received cash from sales.

Sold services on account to R. Paid cash for utilities expense. Received cash on account from R. Paid cash to owner E.

Peters for personal use. C COPYRIGHT SOUTH-WESTERN CENGAGE LEARNING Chapter 4 Study Skills A Place to Study Every student needs a good place to study. When you come home from school in the afternoon, you need a place where you can concentrate on your schoolwork for an extended period of time.

Your study area should be a pleasant place to work with a comfortable place to sit. This is extremely important for your accounting work where you will be completing many problems. It is a good idea to sit in an upright chair at a desk. Lying in bed or on a sofa tends to put you in a position more conducive to sleep than to study. Keep It Private Although you may not have a private room, you can make the most of whatever space you have available. If you share a room with one or more other family members or friends, you should establish study hours and study rules. For example, you can set aside a period from six to nine each evening for study.

During that time, the room should not be used for any other purpose. You will probably wish to keep the door closed, and you might even wish to place a small note on the door alerting others to the fact that you are studying. Be Neat It is very important that you keep your study area clean and neat. When you sit down to study, if you are faced with clutter and disorganized papers, you will have difficulty concentrating. If you have a neat and orderly work area, you will feel more comfortable, and you will enjoy your study more.

You will be able to find the things you need quickly, and you can use your time to the greatest benefit. When you finish studying, you should put all your materials away. This will help others who may use the area, and you will be delighted to find a clean desk when you return to work. Quiet Please It is necessary to keep your study area quiet. You should not try to study with a radio or TV on. You might think that you can study better listening to music.

Actually, you will very likely use more energy trying to concentrate if you are distracted by a radio or TV. In addition, the quality of your work will suffer. A Good Lamp You should have proper lighting in your study area. It is difficult to study if there is insufficient lighting or if the lighting is of poor quality. Try to place a lamp close to your work in such a way that there is no glare on your papers.

If light is reflected into your eyes, you will be distracted and possibly end the study period with a headache. Your Desk It may be necessary for you to share your desk with others. Just as with a shared room, you can reserve certain hours for private use. If you share a desk with others, try to reserve a drawer or two for your things.

Identifying Accounting Terms

Each person who uses the desk should take responsibility for keeping his or her supplies in good order. Storage Facilities You will need to keep your supplies handy, but they may be stored in a dresser drawer or in a cardboard box if there is not sufficient room in the desk. You will likely have personal papers as well as school papers which you will need to keep. You can use a file drawer for this purpose. If a file drawer is not available, you can purchase an expandable cardboard file that you can store in a nearby dresser or closet. A bookcase is an ideal place to keep your textbooks and notebooks.

However, a shelf in a closet will work quite well. You should keep the materials together for each course that you take. For example, you should place your textbook and notebook for your English class together, along with any other items that you use in this particular class.

In this way you can find the materials you need easily and quickly. It s What You Make It Your study environment is exactly what you make it. With just a little effort, you can have a quiet place to study where you can get your work done quickly with minimum effort. A proper study area can help you make the kind of grades you want.

Working Papers TE CENTURY ACCOUNTING, TH EDITION 5 Name Date Class -, -, -, and - WORK TOGETHER, pp., - Journalizing entries in a general journal - Journalizing entries in a general journal - Journalizing transactions that affect owner s equity in a general journal - Journalizing transactions and starting a new general journal page GENERAL JOURNAL PAGE Apr. 0 Norm Derner, Capital Accounts Payable Palm Supply Prepaid Insurance Accounts Payable Palm Supply Rent Expense Accounts Receivable L. Rohe Utilities Expense Accounts Receivable L.

Study Guide 4 Identifying Accounting Terms

Rohe Norm Derner, Drawing Utilities Expense Accounts Receivable L. Rohe Norm Derner, Drawing R C M C C C T S C R C C S T C C Chapter Recording Transactions in a General Journal 6 - WORK TOGETHER (concluded) GENERAL JOURNAL PAGE 0 Apr. 0 Miscellaneous Expense Accounts Receivable L. Rohe C0 R T Working Papers TE COPYRIGHT SOUTH-WESTERN CENGAGE LEARNING 7 Name Date Class -, -, -, and - ON YOUR OWN, pp., - Journalizing entries in a general journal - Journalizing entries in a general journal - Journalizing transactions that affect owner s equity in a general journal - Journalizing transactions and starting a new general journal page GENERAL JOURNAL PAGE June 0 0 R Lou James, Capital C Prepaid Insurance C M Accounts Payable OK Accounts Payable OK C Rent Expense C Accounts Receivable C. Lord S T Miscellaneous Expense C R Accounts Receivable C.

Lord Lou James, Drawing C Accounts Receivable C. Lord S Advertising Expense C T Miscellaneous Expense C R Accounts Receivable C. Lord Chapter Recording Transactions in a General Journal 8 - ON YOUR OWN (concluded) GENERAL JOURNAL PAGE 0 June 0 Miscellaneous Expense C C0 T Working Papers TE COPYRIGHT SOUTH-WESTERN CENGAGE LEARNING 9 Name Date Class -, -, -, and - APPLICATION PROBLEMS, pp., 0 - Journalizing transactions in a general journal - Journalizing buying insurance, buying on account, and paying on account in a general journal - Journalizing transactions that affect owner s equity in a general journal - Journalizing transactions and starting a new page of a general journal GENERAL JOURNAL PAGE Feb. Dennis Gilbert, Capital Prepaid Insurance Accounts Payable Scott Accounts Payable Scott Accounts Payable Scott Rent Expense Accounts Receivable Covey Company Dennis Gilbert, Drawing Miscellaneous Expense Accounts Receivable Covey Company Utilities Expense Accounts Receivable Covey Company R C C M C C C T S C T C R T C R Chapter Recording Transactions in a General Journal 10 - APPLICATION PROBLEM (concluded) GENERAL JOURNAL PAGE 0 0 Feb. Miscellaneous Expense Accounts Receivable Covey Company Rent Expense Miscellaneous Expense Dennis Gilbert, Drawing C S C0 C C T C Working Papers TE COPYRIGHT SOUTH-WESTERN CENGAGE LEARNING 11 Name Date Class - APPLICATION PROBLEM, p. Journalizing transactions in a general journal GENERAL JOURNAL PAGE Apr.

Identifying Accounting Terms Study Guide 2

Hans Schultz, Capital Prepaid Insurance Accounts Payable Midwest Accounts Payable Midwest Utilities Expense Hans Schultz, Drawing Accounts Receivable Frank Morris Advertising Expense Accounts Receivable Frank Morris R C C M C C C S T C R Chapter Recording Transactions in a General Journal 12 - MASTERY PROBLEM, p.