Source Documents Flashcards
What source document records - Goods sold on credit
Sales invoice
What source document records - Goods preiviously sold on credit have been returned.
Credit note
What source document records - Cheque received for goods sold on credit.
Bank paying-in slip counterfoil (lodgement slip counterfoil)
What source document records - The payment of wages by cheque.
Cheque counterfoil
What source document records - The return of goods to a supplier. The goods had previously been purchased on credit.
Credit note (purchases)
What source document records - Goods from a manufacturer purchased on credit.
Purchase invoice
What source document records - Goods preivously bought on credit returned to the supplier.
Credit note (purchases)
What source document records - Cash and cheques deposited in the bank account.
Bank paying-in slip counterfoil (lodgement slip counterfoil)
What source document records - payment made to a supplier by cheque.
Cheque counterfoil
What source document records - Sale of goods on credit.
Sales invoice
Identify the source document for a customer paying for goods by credit transfer
Bank statements
Identify the source document for goods sold and paid for immediately
Till roll
What is included in the receivables ledger?
T-accounts for each credit customer.
For each customer, it shows invoices, credit notes, payments, discounts and the amount owed by that customer
What is included in the payables ledger?
T-accounts for each credit supplier.
For each supplier, it shows invoices, credit notes, payments, discounts and the amount owed to that supplier.
What is included in the general ledger?
T-accounts for every item that will appear in the financial statements
Explain the term Direct Debit.
Payments made by the bank from the customers (That is the business’s) account. It is the payee, or beneficiary, who originates the payment on the written instructions of the customer. Direct debits can be for fixed or variable amounts, and the payment dates can be altered
Explain the term Standing Order.
Regular payments - eg. Weekly, monthly - made by the bank from the account of their customer (that is the business). Payments are for fixed amounts, on the written instructions of the bank’s customer. Rent and loan payments are often made by standing order.
