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1.2 Recording transactions

When an accounting transaction occurs, it can be recorded in the books of an organization in a

number of ways. The following bullet points are the most common methods available:

 Journal entries

 Receipt of supplier invoices

 Issuance of supplier invoice

 Issuance of supplier payments

 Issuance of paychecks

Source documents:

A source document is the original document that contains the details of a business transaction.

Quotations - It is a source of accounting document that sent to a customer by a company stating

the fixed price that would be charged to produce or deliver goods or services if the customer

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