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Jamal Is Trying to Buy Something Over the Phone

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Jamal is trying to buy something over the phone.He asks his partner to read him his credit card number.However,when he tries to repeat it to the sales clerk on the other end of the line,he can't remember all the numbers.Jamal is coming up against:


Definitions:

Cash Receipts Journal

An accounting ledger in which all cash inflows or receipts are recorded.

Accounts Payable Subsidiary

A detailed ledger containing all individual creditor accounts, supporting the summary-level accounts payable figure in the general ledger.

Control Account

An account in the general ledger that summarizes and checks the accuracy of individual records in subsidiary ledgers.

General Ledger

A comprehensive set of accounts that records all transactions of a business, providing the foundation for financial statements.

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