What is the source document for cash received from transactions other than sales?

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What is the source document for cash received from transactions other than sales?

Chapter 3 Study Guide- Part Two

Q. What is the source document for all cash payments?

*The source document for cash payment is a check. *When services are sold on account, the seller prepares a form showing information about the sale. *A form describing the goods or services sold, the quantity, and the price is called an invoice.

Q. What source document is used for a sale on account?

Chapter 3 Accounting Flash Cards

AB
sales invoiceAn invoice used as a source document for recording a sale on account.
receiptA business form giving written acknowledgment for cash received.
memorandumA form on which a brief message is written describing a transaction.

Q. What is sales invoice abbreviated as?

Accounting- Eval. #3

QuestionAnswer
The source document Sales Invoice No. 1 is abbreviated as S1 in a journal entry.True.
When services are sold on account, an asset account and a revenue account are affected.True.
The accounts affected when paying cash for rent are Rent Expense and Cash.True.
QuestionAnswer
A receipt is the source document for cash received from transactions other than sales. T or FTrue
A calculator tape is the source document for daily cash sales.T or FTrue
The accounts affected when cash is received from the owner as an investment are Cash and Sales.T or FFalse

Q. What are examples of source documents?

Some examples of source documents include:

  • Bank Statements.
  • Payroll Reports.
  • Invoices.
  • Leases & Contracts.
  • Check Registers.
  • Purchase Orders.
  • Deposit Slips – not included on a bank statement.
  • Check Copies – not included on a bank statement.

Q. What are accounting supporting documents?

The most common types of supporting documents are receipts, invoices, and proofs of payment. Here’s the information that should be included on each: Itemized Receipt. Invoice. Proof of Payment.

Q. Is a transaction recorded in the journal?

A journal is a chronological (arranged in order of time) record of business transactions. A transaction is entered in a journal before it is entered in ledger accounts. Because each transaction is initially recorded in a journal rather than directly in the ledger, a journal is called a book of original entry.

Q. When I see bought on account it means?

When items are bought and paid for at a future date, another way to state this is to say these items are bought on account. Keeping personal and business records separate is an application of the business entity concept.

Q. Which is the source document for all cash payments?

The source document for all cash payments is a sales invoice false, the source document used for cash payments is a check A calculator tape is the source document for daily sales true The source document used when supplies are bought on account is a memorandum

Q. Which is the source document for sales invoice?

true The source document sales invoice is abbreviated as SI in a journal entry false, it is abbreviated by S A receipt is the source document for cash received from transactions other than sales true To prove a journal page, the total debit amounts are compared with the total credit amounts to be sure they are equal true

Q. Which is an example of a source document?

Examples of source documents include checks, sales invoices, memorandums, and letters. false, letters aren’t a source documents. A check is the source document used when items are paid in cash. true. The source document for all cash payments is a sales invoice.

Q. What should be included in an accounting source document?

The bank will make a record of the payment so that it shows up on the payor’s bank statement as a payment received, and on the customer’s bank statement as a payment made. Accounting source documents may include loan or lease agreements with attached payment summaries that show the total amount due plus interest and administration fees.

Randomly suggested related videos:
3.3 Source Documents for Cash Transactions

VCE Accounting Unit 3. Slides of this presentation can be found at my SlideShare page http://www.slideshare.net/mjall3

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