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Understanding Journal Entries: Source Documents and Recording Procedures in Accounting

This lesson covers the fundamentals of journal entries, including how to utilize source documents like checks, sales invoices, and receipts. It details the systematic process of recording transactions in a five-column journal, emphasizing the importance of double-entry accounting. Learn how to accurately enter cash received from investments and expenses such as supplies, with practical examples including documentation numbers and debits/credits. Understand key concepts essential for maintaining accurate financial records and ensuring effective financial management.

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Understanding Journal Entries: Source Documents and Recording Procedures in Accounting

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  1. LESSON 3-1 Journals, Source Documents, and Recording Entries in a Journal

  2. A FIVE-COLUMN JOURNAL page 57 LESSON 3-1

  3. CHECKS page 58 LESSON 3-1

  4. SALES INVOICES page 58 LESSON 3-1

  5. calculator tape receipt memorandum OTHER SOURCE DOCUMENTS page 59 LESSON 3-1

  6. 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

  7. 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

  8. journal journalizing special amount column general amount column entry double-entry accounting source document check invoice sales invoice receipt memorandum TERMS REVIEW page 62 LESSON 3-1

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