Unit 4: The Accounting Cycle

Accounting cycle

Source Documents Invoice Receipt Deposit Slip  Check Counterfoil Statement Payment Conformation First Document that exist relating to a transaction proof of transaction

Invoices Relate to credit transactions  List goods or services that were provided and their prices. Indicates payments term (Time) "Bills"

Reciepts Confirm that services or goods have been received Cash Transactions

Deposit slip Proof that money was deposited in the bank.

Check CounterfoilPart of check kept by the writer, as a transaction proof

Statement Report Showing the amount owed by one business to another details of transactions between the 2 businesses.

Payment ConformationProof of Internet Transactions 

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