Unit 2 - Credit Transactions
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show | when g are exchanged but the cash relating to the stock is not exchanged until a later date, meaning the customer owes a debt to the seller
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invoice | show 🗑
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show | important for customer to know specifically when payment must be made and is also put onto a source doc = reliable
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show | a source doc that verifies a credit sale of stock
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show | a source doc that verifies a credit purchase of stock or other items
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show | a customer who owes a debt to the business for g/s sold to them on credit
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show | a supplier who is owed a debt by the business for g/s purchased from them on credit
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show | a transaction that involves the acquisition of stock (or other goods) from a supplier who does not require payment until a later date
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show | an accounting record which summarises al transactions involving the purchase of stock on credit
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show | A - ^ (stock- 2000) L - ^ (creditors 2200) decrease (GST payable 200)
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creditor formula: | show 🗑
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creditors record | show 🗑
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creditors schedule | show 🗑
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show | A-increase ( increase debtors 4246, decrease stock 1500)=2746 ______L-increase(GST payable 386) =386_____ O.E-increase(increase Sales 3860 and less COS 1500 = profit) = 2360
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debtors record | show 🗑
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show | a listing of the name and balanceof each debtor's record
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pros of using subsidiary records | show 🗑
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