3.3 The Double Entry Model (might do paper flashcards)
1
Q
What are Dishonored checks?
A
Are checks that have been returned by the bank because there is not enough money in the account.
2
Q
What are the six books of prime entry?
A
Sales journal, Purchases journal, Sales Return journal, Purchases Returns journal, Cash book, and General journal.
3
Q
What is the general journal used for?
A
The general journal is used to record non-routine transactions. (Every item that will appear in the financial statements).
4
Q
What are the 3 Ledgers?
A
- General ledger
- Receivables ledger
- Payables ledger
