Accounting Chapter 3

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10 Terms

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Journal

A form for recording transactions in chronological order.

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Journaling

Recording transactions in a journal.

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Entry

Information for each transaction recorded in a journal.

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Double entry accounting

The recording of debit and credit parts of a transaction

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Source Document

A business paper from which information is obtained for a journal entry

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Check

A business form ordering a bank to pay cash from a bank account

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Invoice

A form describing the goods or services sold, the quantity, the price, and the terms of the sale

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Sales Invoice

An invoice used as a source document for recording a sale on account

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Receipt

A business form giving written acknowledgement for cash received

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Memorandum

A form on which a brief message is written to describe a transaction