Definitions:
Bank debit memo: shows a decrease in the company's bank account due to a interest/service charge.
Bank Credit memo: shows an increase in the company's account. (Interest earned)
Outstanding Cheques: cheques that have been issued but not processed yet.
Cancelled Cheques: cashed cheques
Not Sufficient Funds (NSF) : a cheque that cannot be cashed by the bank because there are not sufficient funds in the customers account.
Cash Payments Journal: a special journal used to record all payments made. Later posted to "cash" account on general ledger.
Cash Receipts Journal: a special journal used to record all money received. This journal is later posted to the company's general ledger cash account.

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Notiz am Accouting Exam Prep Notes, erstellt von racheloucks am 24/06/2013.