Unit 4 The Accounting Cycle

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4-1 Source Documents

What is a source document?

Invoice

The first document that exist relating to a transaction.

Serve as proof for a transaction

include date and time

invoices

Normally relate to credit transactions list goods or services provided and their prices.

Suppliers normally send an invoice with goods(or once services have been delivered)

Indicate payment terms(time)

Bills

Receipts

Confirm that services or goods have been received

Normally relate to cash transactions

Deposit Slip

proof that cash, including currency and checks, has been deposited in a bank account

Check Counterfoil

This is the part of the check kept by the drawer(writer) of the check as a record of the transaction.

Statement

A report showing the amount owed by one business to another details of transactions between the two businesses

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