Created by Bradley Reyes
about 11 years ago
|
||
4-1 source documents what are source documents? they are invoice,receipt,deposit slip,check counterfoil,statement,payment confromation. The first documents that exist relating to a transaction. its serves as proof for a transaction (include date and time)
INVOICESnormally relate to credit transactions. list goods or services provided and their .suppliers normally send an invoice with goods or servicesalso know as a billindicate payment terms.
RECEIPTS confirm that service or goods have been receivednormally relate to cash transactions
DEPOSIT SLIPSproof that cash,including currency and checks has been deposited in a bank account
CHECK COUNTERFOILthis is the part of the check kept by the drawer(writer) of the check as a record of the transactions
STATEMENTa report showing the amount owed by one business or another.details of the transactions between the two businesses
PAYMENT CONFORMATION when you buy stuff online.
cash receipts journalswhere cash has been received only
cash payment journal where all transactions that payout go
cash book and petty cashcash book shows all receipts and payments together petty cash is simply a sum of cash on hand to pay small expenses and could be in a separate journal
sales journal where you record income on credit to income from debtors
T ACCOUNTS
Trial balance test of balances ensures debits = creditsuses closing balances from the general ledger (t-accounts)
income statementshows profit or loss of a business includes income and expenses accounting period usually one year
the statement of changes in equity changes to owners equity capital drawings profitincome-expenses
balance sheetshows changes over a certain period of time.
4-1
4-2
Want to create your own Notes for free with GoConqr? Learn more.