![Check
A cheque or check is a negotiable
instrument[nb 1] instructing a financial
institution to pay a specific amount of a
specific currency from a specified demand
account held in the maker/depositor's
name with that institution. Both the maker
and payee may be natural persons or legal
entities.
8](https://image.slidesharecdn.com/lecture-5payment-131023230821-phpapp01/85/Lecture-5-payment-8-320.jpg)
Lecture 5 payment
- 1. Payment 1
- 2. Invoice An invoice is a business form that lists specific information about a business transaction involving the buying or selling of an item. The invoice includes such information as the date of the transaction, the quantity and the names of the items bought, and the cost of each item. For example, if CompuServices buys a new typewriter, the invoice prepared as a record of the transaction would include the information shown on the invoice. 2
- 3. Invoice date September 9, 19… invoice ¹200 order¹ 034 To: ComputerServices 200 Main Street Jonesboro,GA 30236 Quantity 1 Item Unit price Total Type electronic typewriter 900.00 900.00 3
- 4. Receipts A receipt is a form prepared as a record of cash received by a business. For example., if a business receives payment for a service completed for a client, a receipt is prepared to indicate the date the payment was received, the name of the person or business from whom the payment was received, and the amount of the payment . 4
- 5. Receipt ComputerServices 200 Main Street Jonesboro,GA 30236 ¹ _2 Sept.30 19… Received from _________________________________________________________ _________________________________________________________________ dollars For__________________________________________________________________ Received By _________________________________________ 5
- 6. Memorandums A Memorandums is a brief message that is usually written to describe a transition that takes place within a business. In addition, if a business transaction takes place for which no other source document exists, a memorandum like shown next page. 6
- 7. Memorandums To: Accounting Clerk From: Lee Oven Date: September 11,19… Subject: Manual typewriter I sold the manual typewriter to Frank’s Market for $ 100.00. Frank’s Market will send payment later. Record this transaction as a debt to Account Receivable- Frank’s Market and a credit to office Equipment. 7
- 8. Check A cheque or check is a negotiable instrument[nb 1] instructing a financial institution to pay a specific amount of a specific currency from a specified demand account held in the maker/depositor's name with that institution. Both the maker and payee may be natural persons or legal entities. 8
- 9. Check 9
- 10. A bank account A bank account is a financial account with a banking institution, recording the financial transactions between the customer and the bank and the resulting financial position of the customer with the bank. Bank accounts may have a positive, or debit balance, where the bank owes money to the customer; or a negative, or credit balance, where the customer owes the bank money. Broadly, accounts opened with the purpose of holding debit balances are referred to as deposit accounts; whilst accounts opened with the purpose of holding credit balances are referred to as loan accounts. 10
- 11. Accounts Cash in bank Accounts Receivable Merchandise Receivable Office Supplies Assets Store supplies Prepaid Insurance Store equipment Office equipment 11
- 12. Income Tax payable Sales Tax Liabilities Capital Stock 12
- 13. Stockholders’ equity Capital Stock Retained Earns Income 13
- 14. Sales Revenue Sales Returns & Allowance Sales Discount 14
- 15. Purchases Cost of merchandise sold Purchases Returns And Allowances Purchases discount Transportation 15
- 16. Bank Card Fees Expens Insurance expense Miscellaneous expense Expenses Office Supplies Expense Rent Expense Salaries Expense Store supplies expense Utilities expense Income expense 16