| A | B |
|---|
| Journal | form for recording transactions in chronological order |
| General Journal | An all-purpose journal in which all the transactions of a business may be recorded |
| Simple Journal Entry | journal entry which includes one debit entry and one credit entry |
| Compound Journal Entry | journal entry where more than two accounts are affected |
| Cost of Goods Sold | total of all costs which can be attributed to the creation of a good or service |
| Inventory | business assets which are ready for sale or are in the process of becoming ready for sale |
| Special Journals | journals which group specific types of journal entries together |
| General Journal | accounting log which includes all company journal entries |
| Retailers | businesses which sell goods directly to customers |
| Wholesalers | businesses which sell goods mainly to retailers |
| Sales Journal | journal which shows sales of merchandise through credit (on account) |
| Cash Receipts Journal | journals which show all cash received (and cash sales) from a business |
| Purchases Journal | journal which shows company merchandise purchase transactions on account |
| Cash Payments Journal | journal which shows transactions where cash is paid |
| Sales Returns | when customers give merchandise back to a business for a credit or cash refund |
| Sales Allowance | business grants a deduction in the selling price of an item |
| Sales Discount | reduction in the price of a good/service in exchange for early payment by a buyer |
| Accounting Cycle | The accounting period of a business is separated into activities that help the business keep its accounting' records in orderly fashion |
| Source Document | A paper prepared as evidence that a transaction occurred |
| Invoice | A bill: a form that lists the quantity, description, unit preice |
| Receipt | A form that serves as a record of cash received |
| Memorandum | A brief written message that describes a transaction that takes place within a business |
| Check Stub | A source document that lists the same information that appears on a check and shows the balance in the checking account before and after each check is written |
| Journal | A chronological record of all the transactions of a business |
| Journalizing | The process of recording business transactions in a journal |
| Calendar Year | Period of which a business begins on January 1 and ends December 31 |
| Fiscal Year | An accounting period of twelve months |
| Journalizing | act of recording journal transactions |
