Chapter 6 + 7 mind map

Chapter 6 + 7 mind map

1. Steps in accounting cycle

   • Posting
   • Trial Balance
   • Journalizing

2. Source Document

   • Cash sales slip
     • A sale of goods or services for cash
       • Bank Debited - Sales or Revenue Credited
   • Invoice
     • Sales invoice
       • A sale of goods or services on account
         • A/R Debited - Sales or Revenue Credited
     • Purchase invoice
       • A purchase of goods or services on account
         • Expense Debited - A/P Credited
         • Asset Debited - Bank Credited
   • Cash receipts daily summary
     • the cheques received from customers on account
       • Bank Debited - A/R Credited
   • Bank advice
     • Bank debit advice
       • Bank account decrease
         • Interest Expense or other Debited - Bank Credited
     • Bank credit advice
       • Bank account increase.
         • Bank Debited - Interest Expense or other Credited
   • Cheque
     • Paying an account payable
       • Liability Debited -Bank Credited
     • Cash purchase of an asset
       • Asset Debited - Bank Credited
     • Cash payment for an expense
       • Expense Debited - Bank Credited
     • Owner draws out money for personal use
       • Drawing Debited - Bank Credited

3. HST

4. test