Chapter 6 Test Review Terms: Bank A bank document informing the business of an credit increase made in the business’s bank account memo (advice) Cash Lists money coming in from customers on receipts account daily Clearing Making an account balance 0 an account balance It is a combination of provincial and federal taxes. Sales Tax (HST) entry made when a new business is entry starting Purchase on account invoice Sales Sale on account invoice Credit The side of an account Bank A bank document informing the business of debit decrease made in the business’s bank account. memo (advice) Cash A business form showing the details of a sales transaction in which goods or services are sold slip to a customer for cash A transaction that affects more than two accounts entry Journal A journal is a book in which the accounting entries for all transactions are first recorded of Is an electronic device cash register used to sale process sales at retail locations (POS)
Chapter 6 Test Review Terms: Bank credit memo (advice) A bank document informing the business of an increase made in the business’s bank account Cash receipts daily Lists money coming in from customers on account Clearing an account balance Making an account balance 0 Sales Tax (HST) It is a combination of provincial and federal taxes. entry entry made when a new business is starting invoice Purchase on account Sales invoice Sale on account Credit The side of an account Bank debit memo (advice) A bank document informing the business of decrease made in the business’s bank account. Cash sales slip A business form showing the details of a transaction in which goods or services are sold to a customer for cash entry A transaction that affects more than two accounts Journal A journal is a book in which the accounting entries for all transactions are first recorded of sale (POS) Is an electronic device cash register used to process sales at retail locations
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