Key Terms
The key terms used in the section are listed below:
Purchase Journal: The purchase journal records only purchase on account details.
Cash Payment Journal: Some businesses need to frequently purchase merchandise. The payments for these frequent transactions are recorded in a Cash Payment Journal.
Bankcard Fee: Most banks charge a fee for handling bankcard sales. This is known as bankcard fee.
Proving Cash: The process of verifying the balance in the accounting records and the checkbook is known as proving cash.