1. Bank credit memo (advice)

2. A bank document informing the business of an increase made in the business’s bank account

3. Cash receipts daily summary

4. Lists money coming in from customers on account

5. Clearing an account balance

6. Making an account balance 0

7. Harmonized Sales Tax (HST)

8. A combination of provincial and federal taxes

9. Opening entry

10. First entry made when a new business is starting

11. Purchase invoice

12. Source document for a purchase on account

13. Sales invoice

14. Source document for sales on account

15. Credit

16. The right side of an account

17. Bank debit memo (advice)

18. A bank document informing the business of decrease made in the business’s bank account

19. Cash sales slip

20. A business form showing the details of a transaction in which goods or services are sold to a customer for cash

21. Compound entry

22. A transaction that affects more than two accounts

23. Journal

24. A book in which the accounting entries for all transactions are first recorded

25. Point of sale (POS) terminal

26. An electronic device cash register used to process sales at retail locations

27. Remittance

28. A payment being made to a creditor or the government

29. Sales tax  

30. An additional charge added to sales payable to the government

31. Contra account

32. Account in a ledger that reduces the value of a related account

33. Account in a ledger that reduces the value of a related account Eg
Account in a ledger that reduces the value of a related account Eg. HST Recoverable is contra (a subtraction from) to HST Payable

34. Book of original entry

35. Refers to the accounting journal in which business transactions are initially recorded – General Journal

36. Cheque copy

37. A source document supporting the accounting entry for a  payment by cheque

38. Goods and Services Tax (GST)

39. Tax that’s added to most goods and services sold for domestic consumption Revenue for federal government

40. Journal entry

41. A record of accounts affected by a transaction

42. Provincial Sales Tax (PST)

43. A tax charged on sales that needs to be collected from customers and sent to the provincial government

44. Remittance advice

45. The tear-off section of a cheque explaining what the cheque is for

46. Debit

47. The left side of an account

48. Source documents

49. Evidence that a transaction has occurred—e. g
Evidence that a transaction has occurred—e.g. cash sales slip, sales invoice, purchase invoice, cheque copy