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4 terms

Chapter 17

STUDY
PLAY
Purchases Journal
A special journal used to record all transactions in which items are bought on account
Cash Payments Journal
A special journal used to record all transactions in which cash is paid out or decreased
Schedule of Accounts Payable
A list of all creditors in the accounts payable ledger, the balance in each account, and the total amount owed to all creditors
Proving Cash
The process of verifying that cash recorded in the accounting records agrees with the amount entered in the checkbook