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Understanding Business Source Documents: Types and Purpose

Source documents are essential for businesses as they provide the original proof that financial transactions have taken place. Key types include Cash Sales Slips, which record cash sales, Sales Invoices for credit sales provided to buyers, and Purchase Invoices received by purchasers to confirm credit purchases. Additionally, Cheques Issued and Cheques Received are important for documenting cash transactions and payments. Understanding these documents is crucial for maintaining accurate financial records and ensuring accountability in business transactions.

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Understanding Business Source Documents: Types and Purpose

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Presentation Transcript

  1. Source Document • A source document is any business form that serves as the original source of information that a transaction has occurred.

  2. Cash Sales Slips • Prepared for all cash Sales by a business

  3. Cash Sales Slips

  4. Sales Invoices • Completed by Seller and given to buyer as a record of credit sale

  5. Purchase Invoice • A bill received by the purchaser as proof of purchase on credit

  6. Cheques Issued • Issued to make cash purchases and to pay bills

  7. Cheques Received

  8. Summary

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