Unit 4: The Accounting Cycle

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Note by iamironman328, updated more than 1 year ago
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4-1: Source Documents 4-2: Accounting Journals 4-3: T-accounts 4-4: Trial Balance 4-5: Financial Statements

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Invoices:-Normally relate to credit transactions.-Lists goods or services provided and their prices.-Suppliers normally send an invoice with goods (or once services have been delivered).-Indicate payment terms.-"Bills"

Source Documents:-First document that exists relating to a transaction.Evidence of the transaction taking place.    -Includes date and time.-Types:    -Invoice.    -Receipt.    -Deposit Slip    -Check Counterfoil    -Statement    -Payment Confirmation.

Receipts:-Confirm that goods or services have been received.-Normally relate to cash transactions.

Deposit Slip:-Proof that cash has been deposited in a bank account.

Check Counterfoil-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.

Payment Confirmation:-Used for Internet transactions.-"Receipt" when you buy something online.

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