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Ch. 3.1 Vocab
Vocab
| Term | Definition |
|---|---|
| Journal | A form for recording transactions in chronological order is called a journal. |
| Journalizing | Recording transactions in a journal is called journalizing. |
| Entry | Information for each transaction recorded in a journal is called an entry. |
| Double-entry accounting | The recording of debit and credit parts of a transaction is called double-entry accounting. |
| Source Document | A business paper from which information is obtained for a journal entry is called a source document. |
| Check | A business form ordering a bank to pay cash from a bank account is called a check. |
| Invoice | A form describing the goods or services sold, the quantity, the price, and the terms of sale is called an invoice. |
| Sales invoice | An invoice used as a source document for recording a sale on account is called a sales invoice. |
| Receipt | A business form giving written acknowledgement for cash received is called a receipt. |
| Memorandum | A form on which a brief message is written to describe a transaction is called a memorandum. |