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What else can I help you with?
Do quotations get entered in to accounts and why?
No. Because it is not a transaction or a source document
Is the suppliers invoice the source document for a purchase on credit transaction?
yes
What is the source document for recording a cash sale transaction?
original tax invoice
List the four parts of a journal entry?
The four parts of a journal entry are debit, credit, date and source document. Date refers to the date the transaction occurred. Debit is a subtraction and credit is an addition. The source document is the actual record of the transaction.
Is bank statement a source document?
Yes, it is. Here is an extract from a website:"The source document is the original record of a transaction. During an audit, source documents are used as evidence that a particular business transaction occurred. Examples of source documents include:Cash receiptsCredit card receiptsCash register tapesCancelled checksCustomer invoicesSupplier invoicesPurchase ordersTime cardsDeposit slipsNotes for loansPayment stubs for interestAt a minimum, each source document should include the date, the amount, and a description of the transaction. When practical, beyond these minimum requirements source documents should contain the name and address of the other party of the transaction.When a source document does not exist, for example, when a cash receipt is not provided by a vendor or is misplaced, a document should be generated as soon as possible after the transaction, using other documents such as bank statements to support the information on the generated source document.Once a transaction has been journalized, the source document should be filed and made retrievable so that transactions can be verified should the need arise at a later date."
What is the purpose of source document?
When a business transaction occurs then documents is called source document. Examples of source documents are: 1. cash receipt 2. cancelled check 3. Invoice sent or received 4. Employee Time sheet
What is an accounting source document?
It is the original paper or document that indicates that a transaction took place. For a sale, the account source document would be the sales receipt or invoice. For a purchase, it would be the receipt or invoice from the vendor. For salaries, it would be the cancelled paycheck.
Is an application for credit considered a source document?
A source document is one that originates and provides proof of a financial transaction. My guess is if the amount approved is not indicated on there it is considered correspondence. For bookkeeping purposes though, the source document would be specific check or credit card indicating the amount of credit.
Is a ledger considered a source document?
No. Source documents provide details about a financial change in the business and they are proof that a transaction has occurred. They can be sales receipts, invoices and cheques.
Explain the purpose of source document?
When a business transaction occurs then documents is called source document. Examples of source documents are: 1. cash receipt 2. cancelled check 3. Invoice sent or received 4. Employee Time sheet
Where items are copied from?
source document
What is the steps in accounting process?
1 - Collect source document 2 - Analyze the transaction 3 - Journalize transaction 4 - Posting transaction 5 - Prepare unadjusted trial balance 6 - Prepare adjusting entries 7 - Prepare trial balance 8 - Prepare financial statements
