Source Documents Flashcards
Name the source documents of a business.
Receipt, Invoice, Credit Note, Debit Note, Bank Statement
Receipt is issued to customers for ____.
Cash sales
Receipt is received from suppliers for ____.
Cash purchases or payments
Invoice is issued to customers for ___.
Credit sales
Invoice is received from customers for ___.
Credit purchases
Credit Notes are issued to customers for ___.
Sales returns of goods sold on credit
Credit Notes are received from suppliers for ___.
Returns of goods bought on credit from a supplier.
Debit Notes are issued to customers when ___.
the credit customer has been undercharged.
Debit Notes are received from suppliers when _____.
the supplier has undercharged the business.
Bank statement records ____.
All bank related transactions involving cash at bank.
Name the source document for this transaction:
Sold goods for $600 in cash. The goods cost $150.
Receipt
Name the source document for this transaction:
Bought an office printer for $800 in cash
Receipt
Name the source document for this transaction:
A credit customer returned goods previously sold to them last week.
Credit Note
Name the source document for this transaction:
A sale of goods for $500 to a trade receivable was recorded as $50.
Debit Note (customer has been undercharged $50 instead of $500))
Name the source document for this transaction:
Returned $100 of goods to a credit supplier.
Credit Note
What is the purpose of the following source document:
Receipt
Cash sales, or cash purchases.
What is the purpose of the following source document:
Invoice
Credit sales, or credit purchases.
What is the purpose of the following source document:
Credit note
Credit sales returns, or returns of goods to credit suppliers.
What is the purpose of the following source document:
Debit note
Undercharging of credit customers or supplier undercharged the business.
What is the purpose of the following source document:
Bank Statement
Cash receipts and payments going through the bank.
Name the source document for this transaction:
Received $600 of commission income by bank transfer.
Bank Statement
Name the source document for this transaction:
Sold $500 of goods on credit to customer, Sally. The goods cost $200.
Invoice
Name the source document for this transaction:
Purchased $4000 of goods on credit from supplier, Harry.
Invoice
Name the source document for this transaction:
Paid for interest on bank loan by GIRO
Bank Statement
