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