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What I Know Directions: Write TRUE if the statement is correct and FALSE if it is not. Write your answers on a separate sheet of paper. 1. The journal is called the book of original entry where transactions are first recorded. 2. Source documents are important in journalizing. 3. If the accountant mistakenly analyzed the transaction, it would result to a wrong journal entry. 4. The peso sign is always written before every amount in a money column to avoid confusion. 5. Journal entries require an explanation. 6. Transactions are journalized based on analysis as to their effects on assets, liabilities, owner's equity, revenue, and expense. 7. Only the two-column journal is being used in accounting. 8. Accountants must record the transaction with supporting documents such as the official receipts, sales invoice, and payroll registers. 9. A compound entry has two or more debits and credits. 10. A transaction may be recorded on the day of recording and not on the day when the transaction occurred