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LESSON 3-1. Journals, Source Documents, and Recording Entries in a Journal. Identify the steps in which transactions are recorded in a journal. Explain the importance of source-documents. List the four parts of a journal entry.

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LESSON 3-1

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Lesson 3 1

LESSON 3-1

Journals, Source Documents, and Recording Entries in a Journal

  • Identify the steps in which transactions are recorded in a journal.

  • Explain the importance of source-documents.

  • List the four parts of a journal entry.


Competency understanding the accounting cycle for a service business

Competency: Understanding the Accounting Cycle for a Service Business

  • Objectives:

    • 36 Use source documents to journalize transactions.

    • 38 Prepare customer invoices for a service business.

LESSON 3-1


Chapter 3 objectives

Chapter 3 Objectives

  • Define accounting terms related to journalizing transactions.

  • Identify accounting concepts and practices related to journalizing transactions.

  • Record transactions to set up a business in a five-column journal.

  • Record transactions to buy insurance for cash and supplies on account in a five-column journal.

  • Record transactions that affect owner’s equity and receiving cash on account in a five-column journal.

  • Prove and rule a five-column journal and prove cash.

LESSON 3-1


Lesson 3 1

  • Journal – a form for recording transactions in chronological order.

  • Journalizing – recording transactions in a journal.

  • Special amount column – a journal amount column headed with an account title.

  • General amount column – a journal amount column that is not headed with an account title.

LESSON 2-1


Lesson 3 1

  • Entry – Information for each transaction recorded in a journal.

  • Double-entry accounting – the recording of debit and credit parts of a transaction.

  • Source document – a business paper from which information is obtained for a journal entry.

  • Check – a business form ordering a bank to pay cash from a bank account.

LESSON 2-1


Lesson 3 1

  • Invoice – a form describing the goods or services sold, the quantity, and the price.

  • Sales invoice – An invoice used as a source document for recording a sale on account.

  • Receipt – A business form giving written acknowledgement for cash received.

  • Memorandum – a form on which a brief message is written describing a transaction.

LESSON 2-1


A five column journal

A FIVE-COLUMN JOURNAL

page 57

LESSON 3-1


Checks

CHECKS

page 58

LESSON 3-1


Sales invoices

SALES INVOICES

page 58

LESSON 3-1


Other source documents

calculator tape

receipt

memorandum

OTHER SOURCE DOCUMENTS

page 59

LESSON 3-1


Received cash from owner as an investment

3

3

RECEIVED CASH FROM OWNER AS AN INVESTMENT

page 60

August 1. Received cash from owner as an investment, $5,000.00. Receipt No. 1.

1

2

4

1.Write the date in the Date column.

2.Write the debit amount in the Cash Debit column.

3.Record the credit amount in the General Credit column. Write the title of the account in the Account Title column.

4.Write the source document number in the Doc. No. column.

LESSON 3-1


Paid cash for supplies

2

2

PAID CASH FOR SUPPLIES

page 61

August 3. Paid cash for supplies, $275.00. Check No. 1.

1

3

4

1.Write the date in the Date column.

2.Record the debit amount in the General Debit column. Write the title of the account in the Account Title column.

3.Write the credit amount in the Cash Credit column.

4.Write the source document number in the Doc. No. column.

LESSON 3-1


Define terms review

journal

journalizing

special amount column

general amount column

entry

double-entry accounting

source document

check

invoice

sales invoice

receipt

memorandum

DEFINE TERMS REVIEW

page 62

In your Chapter 3Terms Word Document and SaveAS Chapter3TermsYourName

LESSON 3-1


Exit ticket for chapter 3 1

Exit Ticket for Chapter 3-1

In a Word Document, SaveAS: Chapter3-1AYUYourName

Drop a copy in my InBox today before you leave!

  • In what order are transactions recorded in a journal?

  • Why are source-documents important?

  • List the four parts of a journal entry.

LESSON 3-1


Chapter 3 1 assignments complete on aplia

Chapter 3-1 Assignments Complete on Aplia

  • Work Together 3-1

  • On Your Own 3-1

  • Application Problem 3-1

LESSON 3-1


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