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Next test 18 OCT

Quarter 2

A form for recording transactions in chronological order is called a journal


Recording transactions in a journal is called journalising
*record in the order of time*

why use a journal


Accuracy
Chronological record
Double-entry accounting
- 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

Gardener : invoice, receipts


Bus Driver : invoice, receipts, employee time card, ticket, pay slip

a business paper from which information is obtained for a journal entry is called source documents
Businesses file and keep their source documents so they cab verify details of each

• a business form ordering a bank to pay cash from a bank account is called a check
- left side of the check is check stub : this part is used to journalize the transaction by check
• A form describing the goods or services sold, the quantity, the price, and the terms of sale is
called an invoice
• An invoice used as a source docket for recording a sale on account is called a sales invoice
(also called sales ticket, sales slip)
• A business from giving written acknowledgement for cash received is called a receipt
• A form on which a brief message is written to describe a transaction is called a memorandum. It
is used when the accountants don’t have another source document or when additional
explanation is needed about a transaction EX. if you forget to ask for the receipt or lost it
• calculator tapes are used by smaller businesses that have very few transactions to record.
- used to record cash sales each day
- the calculator tape number is the date of the sales

why do businesses use pre-numbered documents?


- to ensure all the documents (transactions) are recorded

what are batch totals?


- grouping similar items (e.g.all sales invoices) and totaling them to verify that all individuals items
are subsequently recorded

*journal is the first permanent part of the company’s accounting system*

record the journal in ink only


the mistake is crossed out and left visible.
- to make sure there is no cheating
- can check back the mistake.
standard accounting practise
debit totals equal credit totals

a journal page is completed when


- it’s the end of the month
- when there are no space left
***always left the last line to sum all the numbers***

Proving a journal page


- Debit = credit
- after you finish the last line, the columns are proved and ruled before totals are carried
forward to the next page
- prove that debits = credits
- rule the first page the totals number in the line
3 steps in proving
- total debit in column entries
- total credit in column entries
- verify that they are equal

if not equal write the journal is not proved

mid-month (no more lines left)


- rule a single line across all amounts column directly below the last entry to indicate that
columns are to be totaled
- on the next line, write the date (date of the last entry)
- write carried forward in the account title column. plane a check mark in the post. Ref. Column.
the use of the post
- write each column total below the single line
- rule double lines below the co
- double line
to continue a new journal page
- write page numbers
- write date
- write brought forward, place a check mark
- write the credit and debit
- continue the entries
-
End of the month
- write totals in title column
- the date should be the last day of the month (even there is no transaction)
- double line

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