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LESSON 3-1 Journals, Source Documents, and Recording Entries in a Journal Objective: We will define, identify and record in relation to journals. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 TERMS REVIEW journal journalizing entry general journal double-entry accounting source document page 62 check invoice sales invoice receipt memorandum Make sure you get your vocab completed!!! CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Let’s review!!! Flashcards with your elbow partner. Partner with closest bday quiz first then switch!!! CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 A GENERAL JOURNAL page 57 With your front/back partner (older partner is A-younger is B) review the terms for the journal on page 57 in the book. Be prepared to share with the class. Partner A will accuracy and chronological order to each other and the group and partner B has double-entry and source documents. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 5 CHECKS page 58 Let’s discuss some important features. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 6 SALES INVOICES page 58 Let’s discuss some important features. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 7 OTHER SOURCE DOCUMENTS page 59 Why is a receipt used as the source document instead of the cash or check received? calculator tape receipt memorandum Let’s discuss some important features. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 8 Let’s put some transactions into the general journal. $ and decimal places are not included in the general journal—a thick or tinted line is used to separate the two Analyzing your transactions with T-accounts makes journalizing easier. DETAILS are vital!!! Write in the correct numbers and spell words correctly!!! Always list the accounts debited before the accounts credited. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 9 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 2 3 4 3 1. Write the date in the Date column. 2. Write the title of the account debited. Write the debit amount. 3. Write the title of the account credited. Write the credit amount. 4. Write the source document number in the Doc. No. column. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 10 PAID CASH FOR SUPPLIES page 61 August 3. Paid cash for supplies, $275.00. Check No. 1. 1 2 3 2 4 3 1. Write the date in the Date column. 2. Write the title of the account debited. Write the debit amount. 3. Write the title of the account credited. Write the credit amount. 4. Write the source document number in the Doc. No. column. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1