Accounting - Ch. 6. - 3

bank debit memo

initiated by the Bank, will decrease the Bank account

Harmonized Sales Tax

taxation responsibilities shared by provinces with federal government by applying this tax

source documents

the accounting department learns of transactions from business papers called

cash receipts daily summary

the business paper that records payments coming in from customers

credit

these amounts are debitted

debit

when recording a journal entry, these amounts are recorded first

Cash sale of product or service

Cash Sales Slip; POS Summary

Payment on account

Cheque Copy

Bank service charge

Debit Memo

Purchase of supplies on account

Purchase Invoice

Sale on account

Sales Invoice

purchase invoice

a business form representing a purchase of goods on account

point of sale (POS) terminal

a computerized sales register for cash sales

compound entry

a journal entry that affects more than two accounts

the book of entry

a journal is sometimes referred to as

journal

a ruled book in which accounting entries are recorded in the order in which they occur