a credit note is given by a supplier when goods are being returned

a debit note is supplied to a customer by a supplier when goods are being returned

on the credit and debit note there is the credit and debit number, name and address of supplier and customer, date on which transactions took place, quantity and description of goods, amount of goods being return, trade discount given, reason for returning goods

on the invoice there is , the invoice number, name and address of supplier and customer, amount owed, description of goods bought on credit, date on which transactions took place, terms and conditions

bookkeeping is the recording of transactions in a systematic or set way

a transaction is a business agreement between 2 people

reasons for recording transactions include seeing if the business has made a profit or a loss and for future investors

the difference between a statement of account and a bank statement is that a bank statement is between a bank and the business and the statement of account is between the customer of account

assets are things the busines owns

liabilities are things that one business owes to another

an overdraft is when more money than what is in the account is used

a three column cash book is when the cash discount column is also used when recording in the cash book

the cashbook is a book where sales and purchases are recorded

books of original entry are where all transactions are recorded before being put into the ledger

discount allowed is the allowance given to a customer when an account is settled within a given time frame ((it encourages loyalty and buying in bulk)

the discount received is an allowance the business gets from a supplier for paying witching a set time

a dishonoured cheque is a cheque that was refused to be paid out by the bank

reasons for a dishonoured cheque include not having enough money, wrong information, unfinished cheque

a contra entry is when cash is taken from the bank for business use. it is put in both the debit and credit side

a cash book is balanced to calculate total cash received, total cash paid out, total cheques received, total cheques paid out and total amount remaining