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4 cards from this section. Quick, good the night before a test.
What is a journal in accounting?
Think about the purpose of keeping a record of transactions.
What do you call the left side of an account?
Remember what happens when you increase an asset.
What is the primary purpose of a journal?
Consider what a journal's role is in the accounting process.
True or False: A credit increases an expense account.
Think back to what examples you've discussed regarding debits and credits.
Create a complete journal entry for a transaction where a company sells products worth 8,000 on credit.
Consider which accounts are affected during a sale on credit.
You find an error in your journal where you accidentally typed a debit amount of 1,200 instead of 1,020. How do you correct it?
Think about how you can adjust the previous incorrect entry to maintain accuracy.
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