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Source Documents, Double Entry Accounting, General Ledger

QuestionAnswer
Source Document A business paper that contain the information needed to record the journal entry
Check/Check stub A business form that orders a bank to pay cash from a bank account.
Invoice/bill Contains date of the transaction, quantity, descriptionn and cost of each item and payment terms.
Sales Invoice An invoice that is used to record sale on account. Can also use the terms Sales Slip and Sales Ticket.
Receipt Shows the date payment was made, the name of the person or busines that paid and the amount paid.
Memorandum A form that contains a brief message describing a transaction. Often used when ther is no other type of source document.
Double-entry Accounting Recording the debit and credit parts of a transaction. Each transaction affects at least two accounts. Debits must equal credits.
Journal A form that is used to record transaction in chronological order.
Journalizing The process of recording the transaction in a journal.
General Journal A journal that has two amount columns that can contain a variety of different transactions.
Entry Consists of four parts: date, debit, credit and source documents and is recorded in the journal for each transaction.
Ledger A group of accounts.
General Ledger A ledger that contains all the accounts needed to prepare financial statements.
Account Number The number assigned to the account.
File Maintenance The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
Opening an Account Writing and account title and number on the heading of an account.
Posting Transferring information from a journal to a ledger account.
Correcting Entry An entry made to correct an error that is discovered after posting is completed.
Proving Cash Determining that the amounts of available cash agrees with the balance in the cash account.
Created by: mercerp53