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L2: Bookkeeping Transactions > Ledger Accounting > Flashcards

Ledger Accounting Flashcards

1
Q

Cash sale

A

Pay immediately with cash, cheque, credit card. Receipt issued.

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2
Q

Credit sale

A

Doesn’t have to pay immediately. Invoice issued, balance owed.

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3
Q

Trial balance

A

List showing the balance brought down on each ledger account. Check credits and debits balance. Doesn’t confirm accounts are correct.

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L2: Bookkeeping Transactions (8 decks)

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