Two books were required: a book of original entry called a 'day book' in which transactions were entered in chronological order, and a 'ledger' in which transactions were entered under individual accounts as debits ('Dr.') and credits ('Cr.'). The terms

Two books were required: a book of original entry called a 'day book' in which transactions were entered in chronological order, and a 'ledger' in which transactions were entered under individual accounts as debits ('Dr.') and credits ('Cr.'). The terms 'waste book,' 'daybook', and 'journal' were sometimes used interchangeably. A waste book is simply the rough form of a daybook; 'journal' usually refers to the book used in double entry bookkeeping to separate transactions into debits and credits.