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9 Cards in this Set
- Front
- Back
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Credit Purchases Journal
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A daily record used to record details of all credit purchases made from creditors.
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Credit Sales Journal
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A daily record used to record details of all credit sales make to debtors.
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Credit Transaction
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A transaction whereby goods or services are provided now but payment is deffered to a later date.
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Creditors
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Suppliers of a business that the firm owes money to because they have provided goods or services on credit.
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Creditors Schedule
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A listing of creditors' names with the current amount owing to each of them.
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Debtors
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Customers of a business that owe the firm money because they have been sold goods or services on credit.
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Debtors Schedule
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A listing of debtors' names with the current amount owing from each of them.
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Invoice
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A business document used to provide evidence of a credit transaction.
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Seubsidiary Record
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An accounting record kept in addition to the standard cash journals. Subsidiary records may be kept by a small business owner to keep track of debtors or crediors, as well as stock.
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