Accounting Systems

method used by an organization or business to collect, report, and maintain its financial information

individual ledger account used to keep track of all of the individual vendor/creditor accounts. These individual accounts make up the total accounts payable balance.

individual ledger account used to keep track of all individual customer accounts. These individual accounts make up the total accounts receivable balance.

journal used to record all purchases paid with cash

journal used to record all fees earned and paid with cash

account that summarizes the subsidiary accounts. The controlling account is then represented in the general ledger.

businesses and companies using the Internet to conduct business-related transactions and sell products and services to customers

journal used to record transactions and entries for all accounts that do not have a special journal

ledger containing the balance of all accounts used within an organization

bill sent to a customer by a business or organization

journal used to record all purchases that are made on account

journal used to record fees earned on account

journal used to summarize a single group of frequent transactions

detailed individual account that feeds into a controlling account used to make up the general ledger balance