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Intro to bookkeeping

TermDefinition
Books of First Entry The books in which the first record of a transaction is written down. AKA The Day Books
Ledgers Books that contain the accounts of individuals, assets, liabilities, gains and expenses.
Accounts Pages in the ledger that deal with a specific individual, asset etc.
Double Entry Bookkeeping The recording of two aspects of a transaction, i.e. the giving and receiving sides.
Trial balance A statement that tests if the double entry bookkeeping has been carried out correctly before the final accounts are drafted.
Sales Day Book Used to record the sale of goods on credit.
Purchases Day Book Used to record the purchase of goods on credit for resale.
Sales Returns Day Book Used to record the return of goods sold on credit.
Purchases Returns Day Book Used to record the return of goods purchased on credit for resale.
Receipt Written proof of payment for a good or service.
Created by: mdowneykk