A form for recording transactions in chronological order journalizing Recording transactions in a journal entry Information for each transaction recorded in a journal double entry accounting The recording of debit and credit parts of a transaction source document A business paper from which information is obtained for a journal entry

A form for recording transactions in chronological order

journalizing

Recording transactions in a journal

entry

Information for each transaction recorded in a journal

double entry accounting

The recording of debit and credit parts of a transaction

source document

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

check

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

invoice

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

sales invoice

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

receipt

A business form giving written acknowledgement for cash received

memorandum

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

proving cash

determining that the amount of cash agrees with the accounting records

Monetary Unit

Express information in monetary terms (iin currency).

Duality

Total assets are equal to total equities (L + OE)

Every transaction has two effects on the accounting equation.

Accounting Entity